BitGo CEO Warns US Risks Losing Its Crypto Regulatory Edge

The European Union’s Markets in Crypto-Assets Regulation, or MiCA, has applied in full since December 30, 2024, establishing uniform rules for trading, custody and token issuance. By contrast, oversight in the United States has long been split between the Securities and Exchange Commission and the Commodity Futures Trading Commission. Unclear jurisdictional boundaries have dampened financial institutions’ willingness to enter the digital asset market.

BitGo CEO Mike Belshe recently warned that the EU had gained an early regulatory advantage through MiCA and that further US delays could drive companies and traditional financial capital overseas. The House of Representatives passed the CLARITY Act on July 17, 2025, seeking to clarify the SEC’s and CFTC’s respective jurisdictions. Belshe urged the Senate to accelerate passage of the legislation to prevent the United States from losing its competitive edge in the crypto industry.