Late last month, I read Jerry Damerow's and Philip Martin's recent columns about digital assets. Mr. Damerow and Mr. Martin explored blockchain technology--the technology that powers digital assets--and what it may bring to the future of finance. Collectively, they covered different facets of the digital asset ecosystem--from memecoins to stablecoins to Bitcoin--and offered their respective analysis on each.

When crafting legislative policy for an emerging asset class, lawmakers must consider both risks and opportunities. In addition to understanding the promise of this technology, this means learning from key inflection points in recent history.

When the Internet came into full blossom in the 1990s, citizens were amazed they could pay a small fee for a dial-up account that allowed them to access global information and send messages worldwide. The Internet worked because of open, neutral rules.

In 1996, Congress ensured the legal foundation of the Internet by voting to keep it free and open. The government........

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