Moody's Warns of Digital Asset Firms Exodus from the US
The US needs to pull its act together if it wants companies dealing with digital assets to remain, according to a new report.
According to its new report published on June 20th, there is a lack of bipartisan support in the United States when it comes to digital assets legislation.
Because of that, investors and companies could effectively leave the American market.
The bipartisan lack of support is exemplified by the way Democrats and Republicans have been dealing with crypto-related legislation.
The agency specifically refers to the competing language in bills focused on stablecoins and more comprehensive bills. Differences include the notion of who should be in charge and of which level the federal or state level.
For example, in the latest draft by the Republican House Financial Services Committee Chair Patrick McHenry the Federal Reserve would no longer be the primary supervisor of stablecoin issuer. Meanwhile, California Representative Maxine Waters, ranking member of the United States House Financial Services Committee, on the contrary, aims to give more oversight to the Federal Reserve.
“Despite agreement on the need for consumer protections and for a harmonized framework for digital assets, Democrats and Republicans hold different views on how to achieve these objectives,” the report reads.
Its authors add that due to the lack of an agreement, the United States could become “comparatively less attractive for both firms and investors, particularly in a context where many other jurisdictions are moving forward with comprehensive rules.”
The report comes shortly after The United States House Financial Services Committee and House Agriculture Committee have drafted a pivotal document. Introduced by Republicans Patrick McHenry and Glenn Thompson, it offers establishing a regulatory framework for digital assets and more.
Previously the GNCrypto reported that American crypto behemoths were tired of the US.
