A recent joint statement from industry lawyers has garnered attention. Over 20 professionals directly pointed out the core issue: crypto assets cannot continue to be regulated under the old financial logic.

They highlighted three main directions. First is the boundary of regulatory authority—the SEC and CFTC should each stick to their own domains and avoid forcing everything into the securities framework. Second is clear support for stablecoins, DeFi, and RWA; the status of USD stablecoins as a global liquidity tool needs to be protected. Lastly, they called for a more relaxed policy environment: reducing unnecessary tax burdens and eliminating regulatory friction that effectively drives the industry overseas.

The lawyers' implicit message is straightforward—sanctioning Tornado Cash, scrutinizing wallet operators as brokers, and imposing tax penalties on miners will only push innovators out of the U.S. market. On the other hand, opening up space for crypto innovation could give the U.S. a competitive edge in global financial competition.