Opinion by: Senator Tim Scott and Senator Cynthia Lummis
The US Congress has recently taken a key step in the United States leadership’s reclaiming of financial change. The bipartisan Genius Act Passed a landmark bill that establishes the first federal framework for stablecoins in payment.
It is a milestone for consumer protection, national security and American security and competition – and proof that the principal leadership can still deliver real results.
America has always led the financial world because it embraced the change, rewarded well-being of danger and built the most dynamic capital market in the world. In recent years, that leadership – especially when it comes to digital possessions – has been damaged, not by foreign competitors, but through the Washington’s own invasion.
A previously failed approach
The Biden administration stares at the financial advancement through the use of regulation by implementing rather than a clear framework of regulation, conducting the industry to the uncertainty and cost of ten -ten million legal fees.
The Securities and Exchange Commission is a “reward” which is well -meant to be a businessman with actions, leading to legal battles that entrepreneurs need to conduct against regulators rather than focused on change. This failed approach has been innovative to the US in a legal mine, where the penalty for predicting wrong is not only losses, but also federal charges.
Related: US Senate Republicans release a draft bill for the crypto market structure
This is the government’s avoidance of a generational scale, and it is a crisis of our own work.
Other countries viewed America’s absence as an opportunity to rule. The United Kingdom is working to make its mark on digital ownership. Japan – traditionally carefully – has created digital asset frameworks in the hope of attracting international business.
Meanwhile, America has not yet been formally established if there are many digital ownership of a commodity or a security. American companies should be driving home development, not fleeing foreign markets such as Singapore and Switzerland. Fortunately, the US can still correct the ship with a solution that is as simple as establishing regulation clarity.
Prioritizing the change
The US Senate has released a DRAFT of the discussion To help provide investors and industries of digital assets the assurance that it is appropriate to ensure that this important industry is modern in America’s land. It is a critical step toward promoting law in market structure, which will take the US position as a global financial leader Innovation.
The Digital Asset Revolution is rewrite financial policies, whether participating or not. We have the ability to become architects of progress or dependent on the decisions of other countries. The US may continue to be paralyzed by recalling, or it remembers that the country has been established in hard and ambitious actions.
This is the moment that will shape the US financial system for generations to come – it is better not to squander.
Opinion by: Senator Tim Scott and Senator Cynthia Lummis.
This article is for general information purposes and is not intended to be and should not be done as legal or investment advice. The views, attitudes, and opinions expressed here are unique and do not necessarily reflect or represent the views and opinions of the cointelegraph.
