CoinShares co-founder and CEO Jean-Marie Mognetti said lack of political will is holding back the development of a sound regulatory framework for digital assets in the U.S.

Commenting on the contrasting regulatory styles in the U.S. and Europe, Mognetti said a top-down approach from European political leaders makes the difference.

Citing France as an example, the CoinShares CEO pointed out that French President Emmanuel Macron “pushed forward a law in 2017,” which later culminated in forming the basis of the country’s regulatory approach to digital assets.