The United States views the cryptocurrency space as a financial innovation and is fully committed to promoting it. Crypto, which allows domestic financial products to be sold to overseas investors more quickly, cheaply, and widely, is also important for Japan. ———- The SEC's interpretation regarding cryptocurrencies is merely a starting point and serves as a bridge while Congress works on establishing laws related to market structure. Our rules must be clear enough to guide the market, flexible enough to accommodate innovation, and robust enough to protect investors.