By Jonathan Jachym, Kraken Global Chef of Policy and Government Relations
Barely a few weeks ago, I had the privilege of testifying to the subcommittee of American financial services on digital assets.
It is difficult to overestimate the extent of the opportunity we have now to finalize the legislation on the structure of the American market and create a clear regulatory framework for the crypto.
It is not just a reform of politicians; It is to secure our markets and advance innovation that can improve financial services.
A moment for bipartite consensus
After many years of legislative debate, we are at a time when this 119th congress can galvanize the non -partisan consensus necessary to advance the policy of American digital assets.
The long journey through the commitment of industry, education, hearings, legislative drafting and debate showed significant bipartite cooperation.
Senators Lummis and Gillibrand threw a solid base for the development of significant bipartisan policies at the congress with the introduction of legislation at the beginning of 2022, while last year, the Chamber adopted Fit 21.
We have noted a strong agreement in the congress for having adopted a regulatory framework for centralized intermediaries – the one who protects consumers while allowing innovation based on blockchain.
Why the legislation on the structure of the crypto market is important
The current patchwork of regulations at the state level and the regulation of previous administration by application smothered innovation and consumer protection. A cohesive market structure for centralized intermediaries will open the way for clearer and more consistent rules.
Our industry deserves a system which not only secures the interests of consumers but also recognizes the unique dynamics of digital assets. Our bipartite efforts must peak in legislation that establishes a lasting framework. In doing so, we can finally eliminate the regulatory ambiguity which has long hampered progress in cryptographic space.
It’s time to catch up with the rest of the world
On a global scale, nations quickly adapt to the digital revolution with balanced and avant-garde regulations. The EU, the United Kingdom, Canada – as well as other major and emerging markets – are all proof that an effective regulation is achievable.
With the administration, the independent federal agencies and the congress working together, there is a clear and critical opportunity for the United States to accelerate and finalize this bipartite legislation this year. A unified regulatory framework will not only harmonize the rules of the United States with international standards, but will also allow American regulators to engage more effectively on the world scene.
We have to work together to act now
The moment of the action of the congress is now. Kraken fully undertakes to defend a legislative framework which reconciles the need for regulatory clarity with essential freedom for technological advancement. The future of digital assets in the United States depends on our ability to work together, through the parties of the parties.
We are ready to work with Congress, regulators and industry partners to finalize a regulatory framework that promotes responsible innovation.
