The U.S. is finally moving faster on crypto legislation — but the real test is whether it can help set the global rules for digital assets.

First-mover advantage matters. As large nations adopt digital currencies, major economies or blocs like the European Union or China could build their frameworks first, set industry standards and export those rules worldwide.

American companies would face a patchwork of rules that are incompatible with free-market principles and privacy protections. Surveillance-driven central bank digital currency (CBDC) models, like the one China is promoting, could gain adoption in key regions. We risk repeating the experience of Big Tech, when European regulators, not the U.S., set many of the rules, prompting tariff threats from the Trump administration in response.

The EU has already passed MiCa, a crypto framework for transparency, disclosure and supervision of electronic tokens. In Asia, Singapore, Hong Kong and South Korea are crafting nuanced policies to attract capital, talent and innovation. Singapore’s Monetary Authority has built a

© The Leader