Carlos Domingo, co-founder and CEO of Securitize, recently testified at a hearing of the US House Financial Services Committee's Subcommittee on Digital Assets, Fintech, and Inclusion. In his testimony, he emphasized the need for clearer regulatory rules for digital assets and the expansion of privileges for Special Purpose Broker-Dealers (SPBD) dealing with digital assets to prevent the US from falling behind Europe.

Domingo urged legislators to provide clearer definitions for digital assets and tokenized securities to distinguish them from other digital assets. He also emphasized that both public and permissionless blockchains, as well as private and permissioned blockchains, must be able to support tokenized securities. This highlights the need for a comprehensive regulatory framework that can adapt to the evolving landscape of digital assets and fintech.

The lack of clear regulatory rules for digital assets has led to confusion and uncertainty in the market, making it difficult for companies to operate and for investors to make informed decisions. Domingo's testimony underscores the importance of establishing a clear and comprehensive regulatory framework that can support the growth and development of the digital asset market.

The expansion of privileges for SPBDs dealing with digital assets is also crucial to prevent the US from falling behind Europe. SPBDs are specialized financial institutions that are authorized to deal with digital assets, and their expansion would provide more opportunities for companies to access the digital asset market.

In conclusion, Domingo's testimony highlights the need for clearer regulatory rules for digital assets and the expansion of privileges for SPBDs dealing with digital assets. The establishment of a comprehensive regulatory framework that can adapt to the evolving landscape of digital assets and fintech is essential to support the growth and development of the digital asset market.