U.S. financial markets have long been burdened with a patchwork of outdated, overly complex, paternalistic rules. Meanwhile, the government’s failure to establish a regulatory regime for digital assets, coupled with its aggressive persecution of the industry, has stifled innovation. Unsurprisingly, the rest of the world surged ahead, leaving the U.S. behind.

Now, under President Trump’s leadership, we stand on the brink of a historic shift. His “largest deregulation campaign in history” and “revolution of common sense,” offers us a rare chance to remove artificial boundaries, retire antiquated philosophies, and rethink our approach to regulating financial markets and digital asset ecosystems. Instead of creating and being bound by reactive regulations designed for past crises and technologies, we can design flexible, forward-looking frameworks that promote innovation.

As I envision these frameworks, I’m reminded of wisdom shared by Securities and Exchange Commission Chairman Harvey Pitt (2001-2003), a lion of the securities bar, who proposed a simple yet profound solution to improve U.S. equity markets: develop guiding principles for our markets to embody. Chairman Pitt likened these to God’s Ten Commandments — clear principles to govern conduct with the industry tasked to meet them.

Too often, regulators and marke

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Author: Teresa Goody Guillén