With the adoption of the brilliant law and passage of the Law of the Clarity through the US Representative House, the United States has turned its hostile approach to the digital active ecosystem. While the Biden administration spent the last four years injecting uncertainty for digital asset users and innovators, other countries pursued different approaches. This reality was visible when I traveled with Bipartisan members of the House Committee on Financial Services and House Committee on Agriculture to Latin America and Europe for a number of digital asset surveillance meetings.
During our discussions with both the private sector and government policy leaders, I had the opportunity to see first hand how digital assets are used and developed globally. Takeaway is clear: Latin America, Europe and the United States each represent a clear path in the development of markets for digital asset – and emphasize why the United States must adopt a regulatory framework for the markets of digital asset.
Across Latin America, we saw first -hand -use cases in the real economy. In South and Central America, people drive grassroots use of digital assets in scale for payments, transfers and savings. Last year, the digital asset markets in the region were appreciated at $ 415 billion, with 46% of investments primarily floating into US dollar-denomine stablecoins.
Argentina stands out as a pioneer in digital assets in Latin America with stableecoins, providing an inflation-resistant store with value as the Milei administration begins to formalize their approach to a legislative framework for digital assets. Paraguay’s hydropower has made it a hub for Bitcoin mining, while Mexico promotes fintech and crypto oversight with a strong consumer demand. In addition, Peru has incorporated digital asset exchanges into his laundering of money laundering and counter -regime for terrorist and signaled plans to integrate digital assets into its national tax framework. In short, Latin America emphasizes persuasive use cases of digital assets: resilience to inflation, cheap transfers and financial inclusion.
Our members also met with European central bankers, financial regulators and innovators in the private sector. By 2023, the European Union (EU) adopted the markets of Crypto-Assets (mica) of the law, which created a comprehensive regulatory framework for the digital activist ecosystem. Mica seeks to set the rules for the path of e-money-tokens, asset-referring tokens, service providers and stableco-issuers across the EU. EU market regulator, ESMA and European banking authority coordinate with EU Member States to ensure that digital asset regulation is harmonized.
Given that the EU had a head start to implement their digital asset rules and rules, it was insightful to hear their experience in creating these rules as the United States begins a similar endeavor. In our discussions with European digital asset companies, it was clear that the implementation is critical for ensuring a functional framework for the digital active ecosystem. We must ensure that the rules do not quantities of small innovative companies and create a landscape where only large institutions are able to comply with the legal framework.
Although the United States has the deepest liquidity in the markets of digital asset and is home to some of the largest issuers and exchanges, we still lack a comprehensive market structure for digital assets. Genius Act, signed in the law by President Trump on July 18, 2025, was the first step of the United States in giving legislative clarity for digital assets. By adopting a framework for Payment Stable Conservation, the Genius Act will drive the creation of a modern digital payment system in the United States.
However, this is only a piece of the puzzle. Without a market structure framework that allows innovation while protecting consumers and investors, the US digital activist ecosystem will not thrive, and we risk vibrant grounds for Latin America’s rapid adoption and Europe’s harmonized regulation regime. In July, Parliament adopted overwhelming Bipartisan Clarity Act by a vote of 294-134. The time is now. We need to keep up with the rest of the globe by adopting the market structure for digital asset at the end of the year.
