U.S. Lawmakers Call for Unified Federal Cryptocurrency Regulation Amid Fragmented State Laws

Maryland Delegate Adrian Boafo and New York Assemblyman Clyde Vanel are advocating for a unified federal regulatory framework for cryptocurrency, warning that the current patchwork of state laws could stifle financial innovation. In a letter to prominent Democratic lawmakers, including Senators Elizabeth Warren and Amy Klobuchar, they emphasized that over 35 states have enacted crypto-related laws, leading to confusion for businesses and potential vulnerabilities for consumers. They argue that without federal oversight, the fragmented approach could grow, leaving consumers exposed to fraud and market volatility. The legislators also highlighted the growing adoption of cryptocurrency, particularly among underserved communities, and called for bipartisan legislation to safeguard consumers and support innovation. Their appeal reflects a broader recognition of the need for cohesive regulation in the rapidly evolving digital financial landscape. The urgency for federal action is underscored by the increasing complexity of navigating state-specific crypto laws.