The United States blocking the emergence of the digital asset industry does not mean that the industry will not exist. It just means that it will flourish elsewhere. The E.U., U.K., Singapore and Australia have already passed regulatory frameworks for digital assets. The Hong Kong Monetary Authority has gone so far as to publicly tell banks to support licensed crypto exchanges.
Members of Congress from both sides of the aisle have seen the geopolitical importance and promise of blockchain technology and have promised legislation to protect it from our nation’s regulators. Among the most promising are bills focused on market structure and stablecoin issuance, which if passed will provide clarity on the key issues preventing banks and broker-dealers from participating in the digital asset market today.
These are public policy issues that should be addressed via legislation by our elected officials in Congress, not regulated in an opaque manner by the SEC.
Source: Congress, Not the SEC, Should Set U.S. Digital Asset Policy
