Broad Coalition Urges Senate to Foster Competition in Digital Asset Regulation
A broad coalition of industry associations, tech companies, consumer advocates, and experts have united in a petition supporting consumer bonuses and competition in digital securities regulation. Meanwhile, the Senate Banking and Agriculture Committees are actively working on legislation to shape the digital asset market structure, aiming to make the U.S. the global crypto hub.
The petition signatories argue that the digital asset debate should not favour specific players, and urge the Committees to reject any language that limits rewards or incentives in stablecoin-based payment systems. They warn that such restrictions would hinder adoption, prevent new entrants, and maintain an outdated payment system.
The Senate is encouraged to foster competition and innovation, safeguard consumer choice, prevent regulatory capture, and respect free enterprise in digital asset legislation. Congress has a limited time to establish clear, balanced rules that promote innovation while preserving open competition.
The Committees are urged to act swiftly, moving to a mark-up to provide the necessary regulatory clarity for the industry. They must be cautious not to support proposals that risk banning or restricting rewards and incentives on stablecoins and other digital payment systems.
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