Imagine a world where vibrant Southeast Asian artists, brimming with creativity and cultural heritage, can seamlessly share their digital masterpieces with the global community. Picture this—blockchain technology freed from the overwhelming web of today’s regulations! Rather, it acts as a dynamo for creativity and entrepreneurship. That world is possible, but only if Congress passes a smartly designed FIT21.

For the last several years, Southeast Asian artists and educators have been silenced and erased from the history of the international crypto art community. Why? As exciting as this future sounds, these projects are often too risky to pursue. Now, picture that same skillful Balinese stone carver moving into the digital realm, producing stunning NFTs rooted deep in those same traditions and culture. He aspires to get his art on one of the big three platforms. With the murky digital asset regulations, he feels lost, exposed and anxious. Will he be compliant? What are the tax implications? The complexity is paralyzing.

This is not only the challenge facing individual artists. This is the challenge facing an entire region bursting with creative potential. Creators of Vietnam, Thailand, and the Philippines look forward to celebrating their distinct cultural viewpoints. They want to use blockchain technology to show the world and amplify their voices. They are the underheard pioneers of the crypto art boom, and they need a way forward that is distinct from the noise.

The new SEC Chair, Paul Atkins, knows this as well. His recognition of regulatory uncertainty and his urging of congress to act is exceptionally hopeful. He understands that entrepreneurs bold enough to try to modernize finance need clear rules. We need to encourage it, not quench it. Together, let’s build a fairer playing field where everyone knows the rules of the game. Think of it like this: you can't expect a football team to win if they don't know the boundaries of the field.

FIT21, the Financial Innovation and Technology for the 21st Century Act, is one such step in the right direction. It clearly delineates the turf for the SEC and CFTC. This is a welcome effort to provide much needed clarity to a growing digital asset space. The difference between “digital commodities” and “exempted digital assets” is very important. There should be a distinction made for decentralized assets that are operating on useful blockchains. This is common sense.

Why is all of this important out Southeast Asia’s future? Because the region has all the potential to be the premier destination for Web3 innovation. The energy, the creativity, the entrepreneurial spirit is all present. What is lacking is a regulatory framework that promotes innovation, rather than stifles it.

This isn’t just cosmetic — it’s economic empowerment under the guise of art. It’s about giving all Americans the opportunity to forge a better future for themselves, their families—and by extension their communities.

The impact goes beyond economics. And consider the cultural exchange that would occur when Southeast Asian artists no longer face major obstacles to readily sharing their work with the world. Now imagine the cross-cultural understanding that we’d promote throughout the world through digital art. This is a cultural revolution in equity that needs to happen.

Equally important is the SEC’s willingness to discuss modernizing its custody rules. Current securities laws were not written with crypto in mind, and in some instances could be written to impose superfluous burdens on crypto custodians. From bridging the gap between the SEC and CFTC, we must get custody rules futureproof—protecting investors while allowing innovation to flourish. Commissioner Pierce’s promotion of common-sense crypto policy has been a singular voice of reason in this broader debate.

  • Increased Investment: Clear regulations will attract more investment in Southeast Asian crypto art projects.
  • Easier Access: Artists will have easier access to global platforms and markets.
  • Greater Participation: More people will be able to participate in the digital economy.

So, what can you do? Support FIT21. Please reach out to your members of Congress and educate them that you support reasonable, clear, smart, crypto regulations. Invest in Southeast Asian crypto art projects. Join the blockchain bandwagon. Support the organizations that are leading the way in promoting blockchain technology adoption throughout the region.

The past and future of crypto art in Southeast Asia is truly in our hands. Let’s not waste this opportunity and build a future where exciting new creativity can thrive, free from cumbersome regulatory roadblocks. Together, let’s unlock the untapped wisdom of these voiceless voices. The time for action is now.

But the impact goes beyond economics. Imagine the cultural exchange that could happen when Southeast Asian artists can easily share their work with the world. Think of the cross-cultural understanding that could be fostered through digital art. This is a cultural revolution waiting to happen.

Custody Rules: A Necessary Evolution?

The SEC's discussion about updating custody rules is also vital. Current securities laws weren't designed for crypto, and they may create unnecessary challenges for crypto custodians. We need to ensure that custody rules are fit for purpose, protecting investors without stifling innovation. Commissioner Pierce's advocacy for common-sense crypto policy is a welcome voice of reason in this debate.

Seize the Moment: A Call to Action

So, what can you do? Support FIT21. Contact your representatives and let them know that you support clear and sensible crypto regulations. Invest in Southeast Asian crypto art projects. Support organizations that are promoting blockchain adoption in the region.

The future of crypto art in Southeast Asia is in our hands. Let's seize this moment and create a world where vibrant creativity can flourish, unburdened by unnecessary regulatory hurdles. Let's unleash the potential of these forgotten voices. The time for action is now.