Moody’s, the credit ratings agency, has issued a report warning that the lack of bipartisan support for crypto regulation in the United States could drive investors and firms to seek friendlier jurisdictions. The political divide among lawmakers is centered on language differences in bills that address stablecoins and provide a comprehensive framework for digital assets.
The disagreement centers on whether stablecoin regulation should be overseen at the federal or state level and how to ensure consumer protection. Democrats and Republicans have different views on how to achieve these objectives. Failure to reach a bipartisan agreement and advance digital asset-specific legislation could make the US less attractive to investors and firms, particularly since other jurisdictions are moving forward with comprehensive rules. Many crypto firms have criticized US lawmakers for a lack of regulatory clarity and have already considered moving outside the country to establish their operations. The path towards bipartisan agreement looks uncertain, and more debate is required in Congress.
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