Failure to secure blockchain innovation means losing leadership AND dollar primacy
Martin Young ‘23, Martin has been writing about cybersecurity and infotech for two decades. He has previous trading experience, has covered forex and finance and has been working in the blockchain and crypto industry since 2017. “Blockchain arms race risks being won by ‘adversarial nations’ — US crypto lobby group”, https://cointelegraph.com/news/chamber-digital-commerce-urges-congress-crypto-framework-solarium-us/bmo [MSDI-JE-wk1]
A blockchain lobbying group backed by the likes of Goldman Sachs, Citi Group, Circle and Fidelity has urged the United States Congress to pass a legal framework for digital assets or risk falling behind other nations. On May 19, the U.S. Chamber of Digital Commerce sent a call to action to Congress and the Senate to prioritize passing a national approach to crypto regulation. The organization added that it requests that Congress organize a “Digital Asset and Blockchain Technology Solarium Commission” to develop a “national strategic approach to digital assets and blockchain technology” in the U.S. There was a stark warning that failure to act would enable “adversarial nations” to further their activities in the space that “endanger U.S. leadership and dollar primacy.” Excerpt of Chamber of Digital Commerce call to action. Source: Chamber of Digital Commerce It mentioned China as an example of such adversarial action with its development of an internationally focused Blockchain-based Services Network (BSN) to “incorporate global development and trade and fill the U.S.-created vacuum.” It also cited the growing number of countries considering or choosing to trade with China directly in yuan and ditching the U.S. dollar. These include Saudi Arabia, Russia, France, Brazil and India, it wrote.