Tomorrow, Summer Mersinger, CEO of the Blockchain Association, will address the U.S. Senate Committee on Banking, Housing, and Urban Affairs. Her testimony will urge Congress to establish a comprehensive regulatory framework for digital assets.
Mersinger's appearance before Chairman Tim Scott, Ranking Member Elizabeth Warren, and other committee members will emphasize the blockchain industry's concern that without legislative clarity, the United States may lose its global leadership in financial and technological innovation to countries with more transparent policies.
In her prepared remarks, Mersinger will state: “The U.S. urgently needs bipartisan legislation that provides legal clarity, supports responsible innovation, and ensures our leadership in the global digital economy.” She argues that the current regulatory environment is hindering innovation and leaving consumers unprotected.
Representing over 130 member companies within the digital asset industry, Mersinger will highlight five key themes from Blockchain Association’s Twelve Principles for Market Structure Legislation:
1. Modern Rules for a Modern Industry: Regulations should reflect blockchain ecosystems' decentralized nature rather than traditional finance.
2. Clarity Around Digital Assets: Digital assets are not inherently securities; applying outdated standards like the Howey test has caused confusion.
3. A Path to Compliance: Clear jurisdictional lines and a unified regime for digital asset intermediaries are necessary.
4. Strong Consumer Protections: The industry supports secure custody requirements and robust oversight to ensure safety.
5. National Leadership: A federal framework is crucial for maintaining U.S. leadership in internet and financial innovation.
“This is not about whether we regulate—it’s about how we regulate,” Mersinger will stress. “We stand ready to work with Congress to get this right.”
Her testimony comes as other nations rapidly adopt their own regulatory regimes for digital assets, increasing pressure on U.S. policymakers.
The Blockchain Association serves as a collective voice for the cryptocurrency industry in America. Its members include leading investors and companies committed to supporting pro-innovation national policy frameworks.
