You see, stablecoins, as you might imagine, a lot of times we hear about these in the lens of Wall Street and the institutional investor. Take a moment to think about the real human beings who fall victim to U.S. regulation. As a result, their lives continue to be deeply affected by the glacial pace of change. I'm talking about the vibrant community of crypto artists in Southeast Asia, and how the US's stablecoin stagnation is directly stifling their creative potential.

The US’s failure to take action on stablecoins goes beyond tech finance. It impacts cultural creation, access to opportunity, and economic empowerment in under-resourced communities across the globe.

Cross-Border Payments? A Real Nightmare

For artists from countries such as the Philippines, Indonesia and Vietnam, navigating the bureaucracy of getting into the art market today is tedious enough as it is. Traditional banking systems are slow, expensive, and fundamentally inaccessible. Stablecoins provide one solution—a quick, inexpensive means of receiving payments in any currency and from anywhere in the world from collectors and platforms that now exist globally.

Here's the catch: the uncertainty surrounding US stablecoin regulation casts a long shadow. If the US, the heart of the global financial system, doesn't provide clear rules, it creates a chilling effect worldwide. Exchanges get gunshy, banks get even more skittish and artists get put through visit-the-doctor levels of friction and threat to their revenue stream.

Imagine pouring your heart and soul into a digital masterpiece, finding a buyer in Europe, and then facing a bureaucratic nightmare just to receive your payment. That’s the unfortunate reality for the majority of Southeast Asian artists at this moment.

Funding Drought, Creativity Suffers

Crowdfunding and decentralized autonomous organizations (DAOs) are radically changing how artists receive their funding. Platforms leveraging stablecoins allow artists to pitch their projects to a global audience and receive funding directly, bypassing traditional gatekeepers.

The US’s current regulatory limbo is scaring off investors. Why put taxpayer dollars into a local project when the tech underlying the project’s success may soon drown in legal red tape? Unfortunately, in reality, this hesitancy often translates into less opportunities for Southeast Asian artists to fulfill their visions. It’s not only the money, but it’s creativity and innovation that’s being stifled. It is not just about keeping the artists from getting a fair chance on the world stage.

Dollar Dominance Over People's Livelihoods?

In an appearance this week, as Treasury Secretary Bessent promises to shore up the dollar’s dominance. There is a beautiful op ed from Ripple CEO Garlinghouse warning of the US falling behind. I respect those concerns, honestly I do. Are we genuinely prepared to throw artists’ livelihoods in developing nations under the bus to save the supremacy of the dollar?

The GENIUS Act goes further by aiming to reinforce US financial clout. Its defeat sends a strong message that in America’s priorities, US interests always come first, no matter what the global community might require. It's a missed opportunity to lead with compassion and create a regulatory framework that benefits everyone, not just the powerful.

Innovation Stifled, No Room to Grow

As Bessent cautions, a patchwork of state regulations will most certainly stifle the development of a national stablecoin market. Yet the effects stretch past financial institutions. These technologies immediately democratize power to artists, creators, and small business owners. They depend on these tools to survive and prosper in the new digital economy.

Without a solid clarified federal-guidance framework for states, appropriate innovation will continue to be stifled. Businesses will need to think twice before investing in new stablecoin-based platforms and services. This reluctance will ever more curtail the opportunities open to Southeast Asian artists. What’s the point of building anything fantastic if the land you’re trying to make it on keeps eroding away below you?

Missed Opportunity for Financial Inclusion

This is not only an aesthetic question, it’s a question of financial inclusion. It’s expected that stablecoins could economically empower as many as 440 million unbanked or underbanked Southeast Asians. They provide a keyhole view into the global economy, and the ability for people to save, invest, and engage in the world of online commerce.

The US, by delaying stablecoin regulation, is missing a golden opportunity to promote financial inclusion and support economic development in a region with immense potential. This is an opportunity to highlight the US’s commitment to innovation. It underlines equity and inclusion—not just for a chosen few, but every person.

The narrow Senate vote of 49-48 against advancing the GENIUS act should serve as a wake up call to all of us. Now is the moment to put people before politics. Let’s work together to make sure that the US is not the roadblock to progress, but rather the champion of opportunity for all, in every place. To be clear, this is not only about stablecoins, but rather about seizing the opportunity to create a more equitable and inclusive future.

  • Share this article. Let's get the word out about the real-world impact of US stablecoin stagnation.
  • Contact your representatives. Urge them to prioritize policies that promote financial inclusion and innovation in developing economies.
  • Support Southeast Asian artists. Discover their work, share their stories, and help them thrive in the digital age.

The Senate vote of 49-48 against moving the GENIUS act forward should be a wake up call to us. It is time to prioritize people over politics. Let's ensure the US doesn't become a roadblock to progress, but a champion of opportunity for everyone, everywhere. This isn't just about stablecoins; it's about shaping a more equitable and inclusive future for all.