May 19, 2023 06:38 UTC
May 19, 2023 at 06:38 UTC
‘Adversarial states’ could win the blockchain arms race — group of US crypto advocates
A Digital Asset and Blockchain Technology Solarium Commission should be established, according to the Chamber of Digital Commerce, to provide cryptocurrency legislation.
A blockchain advocacy group has urged the US Congress to approve legislation establishing a legal framework for digital assets or risk falling behind other countries. The group is supported by companies like Goldman Sachs, Citi Group, Circle, and Fidelity.
The U.S. Chamber of Digital Commerce urged Congress and the Senate to give establishing a comprehensive plan for regulating cryptocurrencies top priority in a letter on May 19.
The group continued by asking Congress to set up a “Digital Asset and Blockchain Technology Solarium Commission” to provide a “national strategic approach to digital assets and blockchain technology” in the United States.
There was a strong warning that if nothing was done, “adversarial nations” would be allowed to continue their efforts in the region that “endanger U.S. leadership and dollar primacy.”
China was cited as an example of such antagonistic behaviour with its creation of a Blockchain-based Services Network (BSN) with a worldwide goal to “incorporate global development and trade and fill the U.S.-created vacuum.”
The growing number of nations considering or opting to trade directly in yuan instead of the dollar and abandon it was also mentioned. Saudi Arabia, Russia, France, Brazil, and India are a few of these, it said.
In a related vein, the group discussed the prospective BRICS digital currency as well as other advancements including gold-backed digital currencies by Russia and Iran.
“Hampering the nation’s ability to lead and take advantage of this innovation revolution,” the brief said, adding:
This renunciation is seriously impeding domestic progress and handing over benefits to foreign countries at the expense of American investors and innovators.
The proposed commission’s name is a nod to Project Solarium, which President Eisenhower launched in the years following World War II and the start of the Cold War to combat the threat of Soviet expansion.
The Cyberspace Solarium Commission was established in 2019 to produce a strategic plan to combat cyber threats.
The Chamber of Digital Commerce is a 2014-founded American advocacy organisation that supports cutting-edge blockchain technologies.
On May 19, the group supported Senator Tom Emmer in presenting the Securities clarification Act, which intends to provide the U.S. blockchain and crypto asset industries with much-needed regulatory clarification.
The Securities and Exchange Commission, meantime, is sure that this new type of digital finance and the underlying technology are still subject to the laws now in place, which were established decades ago.