Bipartisan agreement on crypto in Congress seems as elusive as finding a unicorn. The result? Moody’s sees potential for a U.S. crypto exodus to friendlier lands.
The investors’ service of credit ratings agency Moody's has reported that without support from United States lawmakers on both sides of the political aisle for legislation focused on digital assets, investors and companies could turn to other crypto-friendly jurisdictions.
In a June 20 report, Moody’s pointed to key differences in the way Democrats and Republicans have handled crypto-focused legislation in the U.S., specifically competing language in a bill on stablecoins and a billfor digital assets. Many of the issues between lawmakers concern whether regulation of stablecoins should be overseen at the federal or state level and are about addressing consumer protection in the wake of many crypto firms going bankrupt in 2022.
“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,” said the report. “Failure to reach bipartisan agreement and to advance digital assets-specific legislation could make the United States [...] comparatively less attractive for both firms and investors, particularly in a context where many other jurisdictions are moving forward with comprehensive rules.
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