Opinion by: Senator Tim Scott and Senator Cynthia Lummis
The US Congress recently made an important step towards recovering the United States leaders in financial innovation. The Bipartisan Genius Act adopted – a historic bill which establishes the very first federal framework for the payment floors.
This is an important step for consumer protection, national security and American competitiveness – and proof that leadership in principle can always provide real results.
America has always directed the world in finance because it has adopted innovation, awarded prudent risk takers and built the most dynamic capital markets in the world. In recent years, this leadership – in particular with regard to digital assets – has been undermined, not by foreign competitors, but by Washington’s own regulatory attack.
An old failed approach
The Biden administration has blocked financial progress using the regulations by application instead of a clear regulatory framework, plunging industry into uncertainty and costing tens of millions of legal costs.
The Securities and Exchange Commission “rewarded” well -intentioned entrepreneurs with application measures, leading to prolonged legal fighting that entrepreneurs had to lead regulators instead of focusing on innovation. This failed approach transformed innovation in the United States into a legal mines field, where the penalty to guess evil was not only bankruptcy, but also federal accusations.
In relation: The Republicans of the American Senate publish a bill for the structure of the cryptography market
It is a professional fault of the government on a generational scale, and it is a crisis of our own manufacture.
Other countries have considered the absence of America as an opportunity to lead. The United Kingdom strives to make its mark in digital assets. Japan – traditionally prudent – has created digital asset executives in the hope of attracting international affairs.
Meanwhile, America has not yet formally established if many digital assets are a commodity or security. US companies should lead to prosperity at home, without fleeing in foreign markets like Singapore and Switzerland. Fortunately, the United States can always correct the ship with a solution as simple as establishing regulatory clarity.
PRIO INNOVATION
We have published a discussion project to help investors and the digital asset industry certainty that they deserve to ensure that this vital industry innovates on American soil. This is an essential step towards the progress of market structure legislation, which will consolidate the position of the United States as a world leader in financial innovation.
The digital asset revolution rewrites the rules of finance, whether America participates or not. We have the capacity to be advancement architects or to be linked to the decisions of other countries. The United States can continue to be paralyzed by apprehension, where it can remember that the nation has been based on daring and ambitious actions.
This is the moment that will shape the American financial system for future generations – it is best not to waste it.
Opinion by: Senator Tim Scott and Senator Cynthia Lummis.
This article is for general information purposes and is not intended to be and must not be considered as legal or investment advice. The points of view, the thoughts and opinions expressed here are the only of the author and do not reflect or do not necessarily represent the opinions and opinions of Cointellegraph.
