Opinion: Senator Tim Scott and Senator Cynthia Lummis

The US Congress recently took a significant step towards regaining the leadership of the United States in the field of financial innovations. We have passed and President Trump signed that the bilateral genius act adopted a draft bill that establishes the first federal framework in the history of Stablecouins.

It is a milestone for consumer protection, national security and American competitiveness – and proof that basic leadership can still bring real results.

America has always managed the world in finance because it adopted innovations, rewarded a cautious risk and built the most lively capital markets in the world. In recent years, this is leadership – especially when it comes to digital assets – has been undermined, not by foreign competitors, but by its own regulatory attack of Washington.

A former unsuccessful approach

The Biden administration got stuck at a dead financial point, applying regulation by enforcing the law instead of a clear regulatory framework, plunging the industry into uncertainty and costing tens of millions of legal fees.

The Securities and Exchange Commission “awarded” entrepreneurs from enforcement activities, leading to prolonged legal fights that entrepreneurs had to lead against regulatory authorities instead of focusing on innovations. This unsuccessful approach turned the US innovation into a legal minefield, in which the punishment for guessing not only bankruptcy, but also federal allegations.

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It is a generational government abuse and it is a crisis of our own creation.

Other countries perceived America’s absence as an opportunity to conduct. The United Kingdom is working on the imprint of digital assets. Japan – traditionally cautious – has created a digital asset framework in the hope of attracting international business.

Meanwhile, America has formally established whether many digital resources are a commodity or security. American companies should conduct prosperity at home without escaping on foreign markets such as Singapore and Switzerland. Fortunately, the United States can continue to improve the ship with a solution as straightforward as establishing regulatory transparency.

Prioritization of innovation

We published Discussion project To assist investors and the digital assets industry, the certainty they deserve to ensure the innovations of this critical industry on American land. This is a key step towards the development of regulations regarding the market structure that will enhance the US position as a world leader of financial innovations.

Digital Asset Revolution prescribes financial rules, regardless of whether America is participating. We have the ability to be architects of progress or bond with the decisions of other countries. The United States can be paralyzed by fears or remembers that the nation has been based on bold and ambitious actions.

This is the moment that will shape the American financial system for the upcoming generations – it’s best not to waste it.

Opinion: Senator Tim Scott and Senator Cynthia Lummis.

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