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Sen. Bill Hagerty, R-Tenn., said if the U.S. fails to provide regulatory clarity for the digital asset industry, then it will lose business to other countries.
The House has made it clear that passing a stablecoin bill is a top priority. Regulators – like the SEC – shouldn’t get ahead of the legislative process, say Bain Capital’s Tuongvy Le and Khurram Dara.
With many lawmakers calling for swift action following the FTX fallout, one U.S. Senator has blamed “billionaire crypto bros” for deterring “meaningful legislation.”
Mairead McGuinness, the European Commission’s commissioner for financial services, warned about the dangers that digital assets could pose to financial stability and called for US politicians to draw up new rules to govern the crypto industry.
"What we're missing is policy. When we get policy, and the regulator regulates, that's not a negative thing," O'Leary said at a conference.