Senator Lummis calls for the U.S. to lead digital asset regulation and prevent Singapore and UAE from setting global standards.
Regulation & Gov ·
Senator Lummis has called for the United States to take the lead in setting digital asset regulation, cautioning that Washington risks ceding standard-setting authority to Singapore and the UAE if it remains passive. The senator's remarks underscore concern that other jurisdictions are moving faster to establish frameworks that could become global benchmarks.
The UAE has built a multilayered regulatory infrastructure positioning itself as a structured hub for cryptocurrency and digital assets, combining federal Virtual Assets rules with dedicated local regulators in Dubai and Abu Dhabi. Singapore has similarly pursued coordinated strategies to attract crypto firms and institutional players. Both jurisdictions have tied blockchain adoption to broader economic and financial modernization goals, creating conditions that draw builders, exchanges, and capital flows.
The outcome of U.S. regulatory strategy—whether Congress and agencies will accelerate a cohesive domestic framework or allow other regions to set de facto global standards—remains unresolved. The timeline and scope of any U.S. legislative or regulatory response have not been detailed.