Summer Mersinger, CEO of the Blockchain Association, calling on Congress to establish a regulatory framework for digital assets.
In her testimony on July 9 to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Mersinger said that without legislative clarity, the United States risks ceding its global leadership in financial and technological innovation to jurisdictions with more tailored and transparent policies.
“The U.S. urgently needs bipartisan legislation that provides legal clarity, supports responsible innovation, and ensures our leadership in the global digital economy,” Mersinger saids. “Our current regulatory patchwork is stifling innovation, confusing entrepreneurs, and leaving American consumers unprotected.”
In her testimony, Mersinger emphasized five key themes:
- Modern Rules for a Modern Industry: Regulations must reflect the decentralized and software-driven nature of blockchain ecosystems — not just traditional finance.
- Clarity Around Digital Assets: Digital assets are not inherently securities. Attempts to apply outdated legal standards, like the Howey test, have created widespread confusion.
- A Path to Compliance: Congress must establish clear jurisdictional lines and create a clear, unified regime for digital asset intermediaries.
- Strong Consumer Protections: The industry supports secure custody requirements, clear disclosures, anti-fraud rules, and robust oversight to build trust and ensure safety.
- National Leadership: A federal framework is essential to preserving U.S. leadership in this next wave of internet and financial innovation.
“This is not about whether we regulate—it’s about how we regulate,” Mersinger will emphasize. “We stand ready to work with Congress to get this right.”
The Blockchain Association is the nation’s leading trade association for the digital asset industry, representing more than 130 member companies.