U.S. legislators have been busily trying to get a final version of wide-ranging cryptocurrency legislation in place by September 30. Not only does this effort prevent harmful overregulation, but it will help cement America’s place as the world leader in digital asset innovation. The intention, then, is to replicate clear regulatory frameworks—including safety, consumer protections, data privacy and protection—creating a model for the rest of the world to adopt.
Senator Scott has made it a point to stress the urgency in getting the GENIUS Act across the finish line and onto the President’s desk, ASAP. The GENIUS Act lays out an adjustable regulatory framework for payment stablecoins. He went on to call out the Biden administration for failing to stand firmly behind a principle.
Senator Scott highlighted the importance of quick, bipartisan Congressional action. A proactive approach could position the U.S. as a hub for crypto innovation, attracting investment and talent from around the world. Senator Scott even went so far as to say that the U.S. should be the “cryptocurrency capital of the world.”
Regulatory certainty and predictability would go a long way toward helping the state realize its aspirations to be the “cryptocurrency capital of the world.” In closing, Senator Scott reiterated the value of regulatory clarity in cementing America’s leadership position in the emerging crypto sector. U.S. legislators are hoping to see market structure legislation finished by the close of day on September 30.
The September 30 deadline is an important milestone in the long-running efforts to establish regulatory guardrails for the booming crypto industry. That’s perhaps the best signal of urgency and commitment that U.S. lawmakers can send to this cause.
