1. United States
2. N.H.
3. Letter

The digital asset industry continues to grow exponentially, with a market value surpassing $2.21 trillion. However, the lack of a cohesive and comprehensive regulatory framework in the United States poses a significant challenge, hindering innovation and sustainable adoption. To address this, it is crucial to establish clear regulations that strike a balance between fostering innovation and protecting consumers. Drawing lessons from global leaders like Switzerland, the European Union, Japan, and Nigeria can provide valuable insights. Switzerland's clear taxonomy for digital assets has created a conducive environment for blockchain startups. The EU's proposed Markets in Crypto-Assets Regulation (MiCA) aims to harmonize regulations across member states, providing consistent rules for consumer protection and market integrity. Japan's distinction between payment tokens and security tokens has enabled a thriving cryptocurrency market while maintaining robust safeguards. Nigeria's experience demonstrates how digital assets can enhance financial inclusion for underserved communities. By establishing a clear taxonomy, creating regulatory sandboxes, strengthening consumer protections, and leveraging digital assets for financial inclusion, the United States can position itself as a leader in this rapidly evolving space. A bipartisan approach is crucial to ensure that regulations are comprehensive, foster innovation, and drive sustainable adoption of digital assets. The request is to establish clear and comprehensive regulations that balance innovation and consumer protection in the digital asset industry. This will not only maintain the United States' competitive edge but also promote the responsible growth and mainstream adoption of cryptocurrencies and blockchain technology.