Finish the job on digital asset market structure
Congress must pass digital asset market structure legislation now to ensure U.S. leadership in finance and avoid regulatory chaos.Summary
The article urges Congress to pass market structure legislation for digital assets, emphasizing that inaction is unacceptable and risks the U.S. losing leadership in 21st-century finance to offshore innovation. The current stalemate centers on a perceived conflict between banks and crypto platforms regarding yield and rewards on stablecoins, an issue previously addressed by the GENIUS Act. The author argues that yield is a design issue within a payments framework, not a systemic risk. A workable compromise exists: federally regulated banks should be explicitly enabled to offer yield on payment stablecoins, allowing them to compete, while crypto platforms retain their existing incentive structures. This resolution would advance the broader market structure package, benefit consumers through increased competition, and provide necessary legal clarity.
(Source：CoinDesk)