Federal cryptocurrency legislation is demanded by US lawmakers to promote innovation.
March 21, 2025—Hong Kong Leading Democratic politicians have been urged by New York Assemblyman Clyde Vanel and Maryland Delegate Adrian Boafo to establish a federal regulatory framework for cryptocurrencies. The lawmakers cautioned that disparate state regulations may impede financial innovation in a letter to Senators Elizabeth Warren and Amy Klobuchar, as well as Representatives Maxine Waters and Angie Craig.
In addition to addressing New York’s notable regulatory steps, like its BitLicense program and digital currency task force, and Maryland’s recent legislative measures, the letter highlighted the necessity for coherent legislation during the 119th Congress.
The lawmakers noted that the regulatory environment is fragmented because more than 35 states, as well as Washington, D.C., and Puerto Rico, have passed laws pertaining to cryptocurrencies.
They said, “This fragmented approach will only grow without federal action, limiting financial opportunities for millions of Americans and creating uncertainty for businesses.”According to Boafo and Vanel, consumers are left vulnerable to possible fraud and market volatility due to the absence of federal monitoring. With reference to a Kansas City Federal Reserve study that revealed Black investors are more likely to buy cryptocurrency than traditional stocks, they also emphasised the growing popularity of cryptocurrencies, particularly in traditionally underserved groups.
In order to safeguard consumers, promote responsible innovation, and guarantee that the US stays at the forefront of digital finance, the letter called for a bipartisan framework.
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