Are we really on the cusp of handing finance’s future to Southeast Asia. As Congress continues to dither, the next generation of Zuckerbergs and Musks is already creating that decentralized world over there. And they're doing it with a level of energy and innovation that frankly, makes Washington look like it's stuck in the dial-up era.

Youth Fuels Southeast Asia Crypto Boom

Forget the Silicon Valley stereotype. The real action, the raw grassroots enthusiasm, is surging in places like Singapore, Vietnam and Indonesia. One more thing I love about these young entrepreneurs, who are literally too young to rent a car yet. They’re building the next generation of DeFi protocols, NFT exchanges, and novel blockchain applications for everything from supply chain tracking to micro-loans.

  • Singapore: A hub for regulatory clarity and institutional investment.
  • Vietnam: Boasting a vibrant community of blockchain developers and early adopters.
  • Indonesia: Harnessing crypto to empower unbanked populations and drive financial inclusion.

These aren't just copycats. They're innovating. And, they’re inventing new solutions specifically designed for their unique local markets, infrastructure challenges and opportunities. They don’t perceive crypto as a speculative get-rich-quick scheme for institutional investors. They see it as the means for their own real economic empowerment.

That’s the part that should have every single member of Congress waking up.

Regulatory Limbo Hurts American Innovation

Here's the thing: all this innovation, all this energy, could – should – be happening right here in the US. We’ve got the talent, the capital, the infrastructure. What we do have is a lack of any clear regulatory framework. We have a landscape of regulatory uncertainty that’s currently and actively driving startups—and the talent that fuels their innovation—overseas. It’s as if we are purposely trying to shut the door, when other countries are putting out the red carpet.

Look at Michigan. One of the investors is Michigan’s Retirement System. College DAO University of Michigan, which helps on-board college students into DAOs, is a testament to the skyrocketing interest. All this progress is in danger due to the unpredictable federal environment. States can only do their best to patch up a confusing, haphazard approach, but that’s why we need a clear, unified national strategy.

FIT21 is not just another piece of legislation, it is a lifeline. Now more than ever, it is important to have clear lines drawn between the CFTC and SEC. This clarity will give businesses — small and large — the confidence and certainty to invest and grow. Without it, we’re not just missing the boat on the future economic development opportunities, we’re sending them out of the country. We’re allowing countries like China to dictate the rules of the road for the future.

It’s as if we sent our Olympic marathoners to the Tokyo Marathon while they all ran with ankle weights. In the interim, everyone else gets a free pass. Is that fair? Is that smart?

Congress Choose: Lead or Fall Behind?

This is not a Democrat or Republican issue, it’s an economic and technological necessity. It’s not just a question of safety, but of whether we want to lead or follow in the global race for digital-age innovation. Remember the dot-com boom? We led the way. We set the standard. Are we truly going to allow history to repeat itself once again? Do we really want to let this happen again—as the future of finance is once again being defined by Southeast Asia?

That’s the “FOMO” talking. This should ring a very loud alarm bell in Washington.

It's not just about economics. It's about opportunity. It’s more than that. It’s about building a more inclusive financial system. It’s about ensuring that the next generation of innovators are more diverse and representative than the last. No, it’s not about “embracing the technology”—it’s about recognizing the risks and regulating in an informed, responsible manner. No one wants a Wild West scenario. Stifling innovation simply because we’re afraid of it would be throwing the baby out with the bathwater.

Congress, you have a choice. Pass FIT21. Create a clear regulatory framework. The power of American innovation. Or sit idly by while that future gets created – not in your town. Southeast Asia is watching. The world is watching. Our future generations will hold us in judgment by the choice we make today.

We cannot allow them to claim we blew it. We can’t allow them to point to us and say we were too chicken to adopt the future. Don’t let them say we gave our leadership in the future.