U.S. legislators are calling for guidance to provide robust rules of the road that will ensure America remains a leader in blockchain innovation. Vice Chair of Finance Patrick McHenry and U.S. Representative for Iowa Zach Nunn are leading the charge to take a more holistic approach to digital assets. They highlight the very real need for legal clarity and robust cooperation between public and private sectors. They both agree that establishing a predictable, transparent, rules-based process is key. This innovative approach will increase innovation and ensure that the United States remains at the forefront of technological development.

Representative Patrick McHenry made the case that we needed to embed a rules-based regime and free speech into technology itself. During his remarks, he made clear that digital assets are not going anywhere. He highlighted the importance of an all-government approach that leads with public-private partnerships. He recognized that the U.S. has fallen behind regulatory developments taking place around the world.

Zach Nunn, 20 year Air Force veteran and cybersecurity expert agreed with the points made by McHenry. He sponsored the bipartisan Stablecoin Act and the Financial Technology Protection Act. Nunn emphasized the importance of cybersecurity.

"We also have to think cyber first or cyber by design as these kinds of technologies emerge." - Zach Nunn

McHenry and Nunn each strongly echoed the need for clarity in U.S. law. They think it’s a key component for creating that stable bedrock, which will pave the road for the burgeoning digital asset marketplace. They all agreed that this isn’t a political issue; it’s a policy issue. This is evidence of the strong bipartisan desire to establish a clear regulatory framework. Indeed, as Chairman McHenry noted, the president has publicly pledged to work together to get a digital asset bill on his desk this summer.

McHenry has characterized his bill as a modern-day successor to the Securities Act of 1933 and 1934. He highlighted the power of tokenizing all global equities on-chain.

"There's $64 trillion in global equities that can be brought on-chain." - Patrick McHenry

Nunn emphasized the need for an aligned approach between government, private sector, and allies in order to ensure blockchain technology leads the way. He, too, underscored the need for the U.S. to anchor blockchain innovation domestically.

"We've got to make sure that blockchain not only is made in the U.S., but is the guardrail for the entire world when we start building this digital infrastructure." - Zach Nunn

McHenry was realistic but optimistic that, with the appropriate regulatory framework, the U.S. can once again become the leader in blockchain technology across the board. He suggested that progress could be swift.

"I think we're talking weeks and months, not a year." - Patrick McHenry

Nunn underscored the effect of his legislative efforts in making sure that any future stablecoins are responsible and safe for consumers and the broader financial system.

"The American financial future rests on this." - Zach Nunn

He also noted the benefits of tokenization.

"The public gets access to more investment opportunities at a reduced cost. That's a great societal benefit of tokenization." - Zach Nunn

Nunn highlighted the importance of his legislative work in ensuring the safety and integrity of stablecoins.

"Not only does this provide a smart roadmap ahead for what we can do here, it pairs what I've led and just passed unanimously… to ensure that American-backed stablecoins can't be used for nefarious purposes." - Zach Nunn

McHenry emphasized the need for legal clarity.

"We need clarity of law to make it clear that in the United States, digital assets are here to stay." - Patrick McHenry

He also expressed confidence in the development of sound policy.

"It's a good product, and they're going to come up with sound policy that will benefit Americans for coming generations." - Patrick McHenry

Nunn reiterated the call for a unified approach.

"This has got to be an all-hands-on-deck approach across government and our private sector and our allies." - Zach Nunn

"The president has a huge priority in getting a digital asset bill signed into law this summer." - Patrick McHenry

"American leadership in technology means we have a rules-based regime and speech rights embedded into the product and embedded into the technology." - Patrick McHenry