At the Wyoming blockchain seminar, participants expressed that the U.S. still has a chance to catch up with other regions' cryptocurrency regulatory frameworks, but failure to act may lead to stagnation and lag behind other countries.
Sylvia Favretto, General Counsel of Mysten Labs, mentioned that it is not too late even with the implementation of the EU's Markets in Crypto-Assets (MiCA).
But she added that the window of opportunity is limited and action is needed immediately. Ripple's Chief Legal Officer Stuart Alderoty pointed out:
"If we seize the opportunity now and plan the market structure reasonably, we will gain an advantage. If we fail to construct the market structure reasonably, the policy environment may turn hostile, and the U.S. could lose competitiveness in front of the EU, Asia-Pacific, and even the Middle East."
Summer Mersinger of the Blockchain Association warned that reaching a clear regulatory process could take a long time, as U.S. lawmakers must form a consensus on cryptocurrency policy before the 2026 midterm elections.
The window for U.S. cryptocurrency policy-making is closing.
The 2024 U.S. election gives the Republican Party control of the executive branch and both houses of Congress, providing space for the Trump administration to promote regulatory policies supporting cryptocurrency.
However, the Republican Party's majority in Congress is very slim and has further narrowed.
Joe Doll, General Counsel of Magic Eden, told Cointelegraph that the Trump administration only has two years to enact significant cryptocurrency regulations.
Doll stated that political power often shifts to another party during midterm elections and warned that a divided legislature could hinder U.S. cryptocurrency regulations.
Marta Belcher, Chair of the Blockchain Association, also emphasized that due to lawmakers' focus on re-election, the legislative difficulties are greater as the midterm election year approaches.
