As the United States grapples with how to foster a favorable environment for digital assets, experts are emphasizing the importance of clear regulations and a shift in federal attitudes. Roundtable anchor, Rob Nelson, led a conversation with Samuel Armes, Founder of the Florida Blockchain Business Association, exploring how the U.S. can reclaim its leadership in the blockchain and cryptocurrency space.

Rob Nelson highlighted the fallout from FTX, distinguishing the collapse as a case of fraud rather than a systemic crypto failure. "FTX was not crypto fraud, it was fraud. It happened to be on a crypto platform. You could have done it with TradFi assets, and it wouldn’t have mattered. The fraud wasn’t because it was crypto." He pointed to the need for regulatory clarity, adding, "We’re not going to stop the blockchain transformation, but we could shove it offshore to countries that make it easier."

Samuel Armes stressed the damage caused by regulatory uncertainty in the U.S., stating, "We literally went from an administrative state that was persecuting these companies to one where businesses felt safer going overseas. Even if our laws were good, companies feared becoming political targets." He argued that leadership changes at regulatory agencies like the SEC and CFTC could reverse this trend.

Armes also suggested symbolic measures, such as establishing a federal bitcoin reserve, to demonstrate U.S. commitment to the digital asset space. "It’s signaling that we officially recognize how important this market is," he explained. Reflecting on his recent visit to Dubai, he noted, "Crypto people there were excited about coming to the U.S. but hesitant because of the negative environment. Just getting rid of that will already launch U.S. in a strategic way."

With mounting global competition, both Nelson and Armes underscored the urgency of action. "Companies want to be here," Armes concluded. "They understand the United States is the place to be for the industry. The bare minimum could already bring them back."