US Stalls as Global Crypto Rules Take Shape

The US has yet to pass its own version of the Clarity Act, which aims to establish clear rules for the crypto market. Despite calls from Treasury Secretary Scott Bessent and SEC Commissioner Paul Atkins to move faster, the bill remains stuck in the Senate.

However, other major economies have made significant progress on comprehensive crypto frameworks. Russia has already passed its 'On Digital Currency and Digital Rights' law, which classifies cryptocurrency as property under the Russian civil code and sets a retail investment cap of $3,800.

The European Union's MiCA (Markets in Crypto-Assets) framework is also being phased in, with full enforcement expected by 2026. The UK and Japan have similar frameworks in place, while Canada, Brazil, the UAE, Switzerland, and Hong Kong have built out licensing structures for exchanges and digital asset service providers.

Regulators in the US are waiting on lawmakers to pass legislation before implementing their own rulemaking. This has led to concerns that the country is falling behind other major economies in establishing clear rules for the crypto market.