In western Kansas, we value things that are built to last, and as an attorney, I’ve spent my career working within frameworks where clarity, accountability, and the rule of law are essential.
That’s exactly what’s at stake in Washington’s current debate over digital asset policy.
There’s no question that digital assets and tokenized securities present real opportunity. They can expand access to capital and help keep the United States competitive in a rapidly evolving global economy. But digital assets cannot transform our markets without buy-in from everyday investors.
Kansans—and investors across the country—should feel confident that they will benefit from digital asset innovation without being exposed to unnecessary risk. But, without core investor safeguards, achieving that level of trust will be nearly impossible.
Right now, Congress is considering market structure legislation that would establish rules to govern digital asset markets, and buried within that debate is a fundamental question: will all market participants be held to the same standards, or will some be allowed to operate under special exemptions?
When considering the future of our financial markets, that distinction matters more than anything else.
When laws include broad loopholes or carveouts, they create uncertainty—and uncertainty is exactly what bad actors look for. It’s how fraud takes root, how illicit finance infiltrates markets, and how everyday investors are left holding the bag.
If lawmakers are serious about ensuring widespread adoption of digital assets, they must be equally serious about ensuring that markets are safe for participants. Uncertainty will only deter investors from participating.
We’ve seen this story before in other contexts. When accountability is uneven, trust erodes. And when trust erodes, markets don’t function the way they should.
Consider a family here in Kansas—a couple who worked tirelessly for decades to create a nest egg for themselves and their children. Like many other Americans, they might consider entering the digital asset market to maximize future opportunities.
However, if they learn that certain parts of the market operate without the same safeguards that exist in established markets and that they could lose their hard-earned savings to fraud and abuse with no opportunity to recover these funds, why would they take that risk?
That’s why clear, consistent safeguards must be the foundation of any digital asset framework. Basic protections such as Know Your Customer (KYC), Anti-Money Laundering (AML) measures, anti-fraud enforcement, and safeguards against excessive volatility are the same kinds of rules that have helped make U.S. financial markets the strongest and most trusted in the world, and they must be at the center of any legislation and regulation around digital assets.
Kansas has never been a place that rewards cutting corners. We believe in fair dealing, clear expectations, and consequences when those expectations aren’t met. Our financial system should reflect those same values.
If lawmakers want digital assets to benefit all Americans, they must consider what has made our markets work: clear rules that protect investors and earn their trust—because without investor confidence, America’s digital asset markets will never reach their full potential.
Chris McGowne,
Hays