Crypto and stablecoins are now mainstream. The race to set the rules is already on – and it’s being run in dollars, not pounds, says Kulveer Ranger

Last week in Washington DC, I was reminded that while the United States may not have all the answers on digital assets, it is already writing the questions that will define the global debate. From the corridors of the Senate Banking Committee to the offices of the Securities and Exchange Commission, one message was unmistakable: America is setting the tempo on crypto policy, and the world is preparing to dance to its tune.

During my meetings with Ammon Simon, counsel to the Senate Banking Committee, we discussed the rapid progress of the Crypto Market Structure Bill – legislation expected to pass Congress before the end of this year. It is ambitious, practical and, crucially, bipartisan. Section 401 of that bill establishes a cross-border sandbox framework – a regulatory testbed allowing the US and like-minded nations, including the UK, to experiment jointly in this fast-moving space. It’s a simple but powerful idea: shared innovation, shared supervision, shared trust. The Americans are not waiting. They intend to have this sandbox live by 2027-28. It’s a timeline that would make even our most diligent Whitehall taskforces blush.

I also met with SEC Chairman Paul Atkins and Commissioner Hester Peirce, affectionately known as “Crypto Mom” – and with good reason. She has been one of the few regulatory voices in Washington willing to argue that innovation should be given space to breathe. Her February six-point paper, Project Crypto, lays out a thoughtful vision for a rules-based but innovation-friendly........

© City A.M.