The Clock Is Ticking on Crypto Market Structure Legislation in the U.S.

With the enactment of the GENIUS Act and passage of the CLARITY Act through the ￰0￱ of Representatives, the United States has reversed its hostile approach to the digital asset ￰1￱ the Biden Administration spent the past four years injecting uncertainty for digital asset users and innovators, other countries pursued different ￰2￱ reality was apparent as I traveled with bipartisan members of the House Committee on Financial Services and House Committee on Agriculture to Latin America and Europe for a series of digital asset oversight ￰3￱ our discussions with both the private sector and government policy leaders, I had the opportunity to see firsthand how digital assets are being used and evolving ￰4￱ takeaway is clear: Latin America, Europe and the ￰5￱ represent a distinct path in the development of digital asset markets — and together highlight why the ￰6￱ enact a regulatory framework for the digital asset ￰7￱ Latin America, we saw firsthand digital asset use cases in the real ￰8￱ South and Central America, people are driving grassroots use of digital assets at scale for payments, remittances and ￰9￱ year, digital asset markets in the region were valued at $415 billion, with 46% of investment flowing primarily into U.

S. dollar-denominated ￰10￱ stands out as a digital assets pioneer in Latin America with stablecoins providing an inflation-resistant store of value as the Milei Administration begins to formalize their approach to a regulatory framework for digital assets. Paraguay’s hydropower has made it a hub for Bitcoin mining, while Mexico is advancing fintech and crypto oversight alongside strong consumer demand. Moreover, Peru has incorporated digital asset exchanges into its anti-money laundering and counter terrorist financing regime and signaled plans to integrate digital assets into its national tax ￰11￱ short, Latin America underscores compelling use cases of digital assets: resilience against inflation, low-cost transfers and financial ￰12￱ members also met with European Central Bankers, financial regulators and private sector ￰13￱ 2023, the European Union (EU) passed the Markets in Crypto-Assets (MiCA) into law which created a comprehensive regulatory framework around the digital asset ￰14￱ seeks to set the rules of the road for e-money tokens, asset-referenced tokens, service providers and stablecoin issuers across the entirety of the ￰15￱ EU’s market regulator, ESMA, and the European Banking Authority coordinate with EU member states to ensure that digital asset regulation is ￰16￱ that the EU had a head start implementing their digital asset rules and regulations, it was insightful to hear their experience in crafting these regulations as the ￰17￱ beginning a similar ￰18￱ our discussions with European digital asset firms, it was clear that implementation is critical to ensuring a functional framework for the digital asset ￰19￱ must ensure that the regulations do not crowd out small innovative firms, creating a landscape where only large institutions are able to successfully comply within the legal ￰20￱ the ￰21￱ the deepest liquidity in digital asset markets and is home to some of the largest issuers and exchanges, we still lack a comprehensive market structure for digital ￰22￱ GENIUS Act, signed into law by President Trump on July 18, 2025, was the United States’ first step in providing regulatory clarity for digital ￰23￱ enacting a framework for payment stablecoin issuance, the GENIUS Act will drive the creation of a modern, digital payments system in the United ￰24￱ is only one piece of the puzzle, ￰25￱ a market structure framework that allows innovation while protecting consumers and investors, the ￰26￱ asset ecosystem will not thrive, and we risk ceding ground to Latin America’s fast-moving adoption and Europe’s harmonized regulatory ￰27￱ July, the House overwhelmingly passed the bipartisan CLARITY Act by a vote of ￰28￱ time is ￰29￱ must keep pace with the rest of the globe by enacting digital asset market structure by the end of the year.