Dennis Milligan, Arkansas State Auditor, said that Congress should move quickly to establish clear, workable rules for the cryptocurrency market to ensure innovation can grow alongside investor protections.
Milligan made the statement in a Securities and Exchange Commission (SEC) publication, saying the lack of a clear regulatory framework risks slowing innovation and weakening the United States’ position in global financial markets. He said effective legislation should balance innovation with accountability to support long-term growth in regulated domestic markets.
“Digital assets like tokenized securities are becoming part of the broader financial system, and they hold real potential to support economic growth and efficiency. But growth only lasts when it is built on trust. Congress should not delay in providing clear rules to foster mainstream adoption of digital assets that endures long-term. However, further delays will slow down progress and American innovation and undermine U.S. global financial leadership. By passing legislation that establishes clear rules of the road and protects core investor safeguards, Congress can encourage innovation to grow here at home while protecting the savings and investments of everyday Americans,” Milligan wrote.
His comments come as global regulators continue to develop frameworks for the digital asset industry. According to the European Securities and Markets Authority, the European Union has implemented the Markets in Crypto-Assets (MiCA) regulation, which establishes rules for authorization, disclosure, and supervision of crypto firms operating across its single market.
At the same time, trading activity remains concentrated on major global platforms. Binance reports serving more than 300 million users and offering over 1,500 trading pairs, making it the world’s largest crypto exchange by trading volume, according to CoinMarketCap.
Binance has also moved to align with emerging regulatory regimes, applying for a MiCA license in Greece in January 2026 as part of efforts to operate within the European Union’s unified framework, according to CoinDesk.
Milligan is currently serving as Arkansas Auditor of State after two terms as Arkansas Treasurer from 2015 to 2023. He previously served as Saline County Circuit Clerk from 2011 to 2015 and founded a water-treatment company that expanded into 17 states before being sold in 2020.
