January 23, 2025 was a turning point for the United States in its digital financial leadership.
President Trump announced an executive decree to establish regulatory clarity in digital assets and blockchain technology. America has long been a world leader at the intersection of financial services, technology and innovation. If the nation hopes to guarantee this position while the digital asset industry continues to grow, it must develop regulatory executives which allow responsible adoption of these technologies.
The laws currently applied to digital assets were written in the 1930s, at a time when these technologies and the creation of decentralized wealth were unimaginable. Current efforts to box blockchain technological operations in these obsolete directives have stifled innovation and currently prevent American companies and their customers from benefiting from these innovations. Meanwhile, other countries have made significant progress by adopting regulations on digital assets that guarantee investor protections and clear guidelines for participants.
The European Union, for example, adopted the markets in the regulation of crypto-sets (Mica) in 2023, which provides uniform directives throughout the EU and allows greater transparency and financial stability. Other countries like Singapore, Switzerland, the United Arab Emirates and Canada have also adopted legislation to create clear directives so that participants can operate. The commitment between regulators and industry has reduced successful legislation in these jurisdictions. In the United States, many companies and industrial groups such as the Boston Blockchain Association work with diligence to highlight these participants and the commitment of the industry.
The president’s decree was a promising first step. The creation of the presidential working group on digital assets will contribute to the development of a regulatory framework for digital assets a federal priority. The group will be chaired by David Sacks, the White House AI and the Czar of the Crypto, and the members will include the secretary of the Treasury, the Chairman of the Securities Commission and the Commission of the Future Trading, the president of the House Financial Services Committee, Tim Scott, president of the president of agriculture of the Senate, and the president of the agriculture of the Chamber Agriculture. agriculture. Above all, the group will consult experts from the digital asset ecosystem, which guarantees that the regulations will be informed by industry expertise. Federal agencies will also provide their own recommendations to the working group. An example of these is the working group on the digital assets of the president of the Sec Hester Peirce, who quickly canceled the dry accounting rule SAB 121 which prevented American public banks from holding digital assets.
Although these working groups examine current and more modern regulations, Congress must be the organization that makes it federal law. The working group of the newly formed congress is a crucial step for the congress in the creation and transition from the bipartite legislation of digital assets. The president’s continuing urgency is also essential for Congress to take the necessary measures.
The Congress must also clearly delimit the roles of the dry, the CFTC and the OCC, which would provide more clarity to the current limits of assets, the rules and the operating path to operate. The responsibilities of the dry, the CFTC and the West must be presented in a way that reduces the ambiguity around these commissions. Institutional participants want the same investor protections, responsible executives, KYC (Know Your Client) guidelines and LMA (fight against money laundering), and transparency that many legislators and regulators speak.
When the Congress takes action to create a new clarity, digital assets will be able to flourish in the United States, offering improvements to traditional finances. Many poorly served communities in the country face obstacles to access to traditional banks. Clear regulations in digital assets will also allow them to access alternatives to manage their own finances. In addition, the establishment of an American regulatory framework will guarantee that the American economy remains competitive and encourages companies to stay and invest in the United States.
The congress must urgently devote the regulatory frameworks created by law groups in law. If America ensures its position as a center of digital finance now, the nation will democratize access to wealth creation and create responsible opportunities for future generations.
Doug Mehne is the president of the Boston Blockchain Association
