First, in my view, there is a distinction between digital assets generally and cryptocurrency specifically. For purposes of my response, I’m going to focus on cryptocurrency — specifically, the use of crypto assets for payments.

Mass adoption of cryptocurrency would mean that use of cryptocurrency would become ordinary course, and no longer a point of discussion, just as mere use or acceptance of fiat would not prompt headlines. Upon mass adoption, so-called “crypto-native” companies potentially may be viewed as “normal” technology companies and would be able to obtain bank accounts and traditional financing.

In order for us to say that mass adoption of crypto has begun, in my view, individuals need to be able to access, purchase, hold and use cryptocurrencies without having to understand what a digital asset is, just as nontechnically sophisticated people can use cell phones without understanding how they work. For that, user experience needs to be enhanced, and scaling needs to be addressed.

Just as importantly, there must be meaningful opportunities in everyday life to pay for goods and services using cryptocurrency, which means that individuals and businesses must be willing to accept cryptocurrency as payment for such goods and services. For that to occur within the United States and in other nations, and across borders, we need to have clear paths forward legally that enable businesses and individuals to transact using crypto.