OPINION:
Legislative inaction is now the greatest threat facing crypto.
For years, the digital asset industry was locked in a grinding fight with regulators, forced to defend its legitimacy in courtrooms rather than in the marketplace.
Antiquated rules, unevenly applied across projects, led to selective regulation by enforcement that doomed some projects while allowing other, favored efforts to flourish.
Entrepreneurs created innovative products while navigating enforcement actions built on decades-old statutes that were never designed for blockchain technology.
Under President Trump’s leadership, that chapter is largely behind us.
The high-profile battles that once defined the industry are no longer the central story. The resolution of the SEC v. Ripple lawsuit marked a significant shift in the crypto ecosystem. It indicated how the danger to the industry shifted from regulatory enforcement to legislative stagnation, eroding efforts to finish the job of clear crypto rules.
Lawmakers now understand the core issues. They recognize the need to define when a digital asset is a security and when it is a commodity, and to draw bright lines between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
They understand that oversight should focus on intermediaries such as exchanges, brokers and custodians. Most important, they accept that consumer protection and innovation can and must advance together.
Mr. Trump reaffirmed his commitment to making the United States the “crypto capital of the world,” and that commitment has been backed by action. The GENIUS Act, signed into law in July, established the first clear federal framework for stablecoins and demonstrated that Congress and the White House can work together to deliver meaningful digital asset legislation.
It was a long-awaited signal that the U.S. was advancing as a key player in blockchain technology.
The focus has since turned to market structure, where the real work of durable clarity must be done. The House passed the CLARITY Act in July, with bipartisan support, to define how digital assets are regulated and to clarify the roles of federal agencies. Since then, the Senate Agriculture Committee has advanced its own framework while the Banking Committee continues this work.
The outlines of a final agreement from both parties are visible, even if the finish line has not been crossed.
What remains is the discipline to finish the job.
Digital assets represent one of the fastest-growing sectors of the American economy, reshaping how value moves and how capital is formed. If the United States fails to provide durable rules, then innovation will migrate to jurisdictions that do. Capital and talent are mobile, and other nations are actively positioning themselves to lead.
There is also a strategic imperative. Financial infrastructure is national infrastructure, and the country that defines the standards for digital finance will shape the future of global commerce. If America delays, then it risks surrendering that role to competitors who do not share our commitment to open markets and the rule of law.
For too long, digital assets were forced into unclear, ill-fitting legal categories, with regulators relying on interpretations of 90-year-old securities laws to govern decentralized networks and tokenized systems. The industry and smart policymakers have worked hard to get here, but it is imperative that they codify these good intentions to put them into permanent practice.
The GENIUS Act was a significant step forward. The CLARITY Act and the broader market structure effort must now deliver a comprehensive framework that protects consumers and secures American leadership.
Doing nothing will undo hard-earned gains. Congress has debated this issue for years. The framework is understood, the stakes are clear, and the opportunity is now in front of us. Congress must pass the CLARITY Act now, allowing the president to sign it and unleashing the American crypto economy.
• Craig Stevens, a partner at D.C.-based DCI and lead of the firm’s crypto practice, was a commissioner on New Hampshire Gov. Chris Sununu’s Commission on Cryptocurrencies and Digital Assets.
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