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

With the enactment of the GENIUS Act and transition of the CLARITY Act done the U.S. House of Representatives, the United States has reversed its hostile attack to the integer plus ecosystem. While the Biden Administration spent the past 4 years injecting uncertainty for integer plus users and innovators, different countries pursued antithetic approaches. This world was evident arsenic I traveled with bipartisan members of the House Committee connected Financial Services and House Committee connected Agriculture to Latin America and Europe for a bid of integer plus oversight meetings.

During our discussions with some the backstage assemblage and authorities argumentation leaders, I had the accidental to spot firsthand however integer assets are being utilized and evolving globally. The takeaway is clear: Latin America, Europe and the U.S. each correspond a chiseled way successful the improvement of integer plus markets — and unneurotic item wherefore the U.S. indispensable enact a regulatory model for the integer plus markets.

Across Latin America, we saw firsthand integer plus usage cases successful the existent economy. In South and Central America, radical are driving grassroots usage of integer assets astatine standard for payments, remittances and savings. Last year, integer plus markets successful the portion were valued astatine $415 billion, with 46% of concern flowing chiefly into U.S. dollar-denominated stablecoins.

Argentina stands retired arsenic a integer assets pioneer successful Latin America with stablecoins providing an inflation-resistant store of worth arsenic the Milei Administration begins to formalize their attack to a regulatory model for integer assets. Paraguay’s hydropower has made it a hub for Bitcoin mining, portion Mexico is advancing fintech and crypto oversight alongside beardown user demand. Moreover, Peru has incorporated integer plus exchanges into its anti-money laundering and antagonistic violent financing authorities and signaled plans to integrate integer assets into its nationalist taxation framework. In short, Latin America underscores compelling usage cases of integer assets: resilience against inflation, low-cost transfers and fiscal inclusion.

Our members besides met with European Central Bankers, fiscal regulators and backstage assemblage innovators. In 2023, the European Union (EU) passed the Markets successful Crypto-Assets (MiCA) into instrumentality which created a broad regulatory model astir the integer plus ecosystem. MiCA seeks to acceptable the rules of the roadworthy for e-money tokens, asset-referenced tokens, work providers and stablecoin issuers crossed the entirety of the EU. The EU’s marketplace regulator, ESMA, and the European Banking Authority coordinate with EU subordinate states to guarantee that integer plus regularisation is harmonized.

Given that the EU had a caput commencement implementing their integer plus rules and regulations, it was insightful to perceive their acquisition successful crafting these regulations arsenic the U.S. is opening a akin endeavor. In our discussions with European integer plus firms, it was wide that implementation is captious to ensuring a functional model for the integer plus ecosystem. We indispensable guarantee that the regulations bash not assemblage retired tiny innovative firms, creating a scenery wherever lone ample institutions are capable to successfully comply wrong the ineligible framework.

Although the U.S. has the deepest liquidity successful integer plus markets and is location to immoderate of the largest issuers and exchanges, we inactive deficiency a broad marketplace operation for integer assets. The GENIUS Act, signed into instrumentality by President Trump connected July 18, 2025, was the United States’ archetypal measurement successful providing regulatory clarity for integer assets. By enacting a model for outgo stablecoin issuance, the GENIUS Act volition thrust the instauration of a modern, integer payments strategy successful the United States.

This is lone 1 portion of the puzzle, however. Without a marketplace operation model that allows innovation portion protecting consumers and investors, the U.S. integer plus ecosystem volition not thrive, and we hazard ceding crushed to Latin America’s fast-moving adoption and Europe’s harmonized regulatory regime. In July, the House overwhelmingly passed the bipartisan CLARITY Act by a ballot of 294-134. The clip is now. We indispensable support gait with the remainder of the globe by enacting integer plus marketplace operation by the extremity of the year.