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- 1 Various organizations like Goldman Sachs and Citi Group urging the government to come up with Crypto regulations
- 2 U.S. Chamber of Digital Currency writes to Congress explaining threats the U.S. might face upon inactivity.
- 3 SEC is adamant about any rules other than the existing rules being applied to the newly emerging technology
Various analysts, regulators, important crypto people, and normal blockchain users have been urging the U.S. government to come up with a legal framework. This time Congress is being pushed by the likes of Goldman Sachs, Citi Group, Circle, and Fidelity to bring a legal framework for digital assets.
One of the biggest reasons why the strengthened plea is coming is due to the fear of falling behind other nations in terms of developing a legal framework.
Call to Action on Digital assets framework
The U.S. Chamber of Digital Commerce, May 19 sent a call to action to the congressmen and the Senate. The organization requested the government to act on priority for creating a national approach towards cryptocurrency.
The organization has demanded a commission for digital assets and blockchain technology solarium. They urged the congressmen to develop a national strategic approach toward digital assets and blockchain technology.
The organization also mentioned the warning that could come if the government fails to act soon. Failure to act can put “adversarial nations” step ahead and it could risk dollar supremacy and U.S. leadership.
The dollar losing its value
The organization mentioned that to fill the vacuum created by the U.S. China is taking action. China is currently developing an internationally focused Blockchain-based ServicesNetwork (BSN) which will incorporate global development and trade.
The Chamber of Digital Commerce did not fail to remind the government of the no of countries accepting trade with China in Yuan. Countries like Saudi Arabia, Russia, France, Brazil, and India have started to ditch the dollar and started to trade directly in Yuan.
The developments of a potential BRICS digital currency and other gold-backed digital currencies by Russia and Iran are also a few points that the organization mentioned.
In the concluding statements, the organization preached to the government how regulatory and legal opacity is hampering the country. It believes that such obstacles are stopping the country from leading and taking advantage of the opportunities available in this evolution process.
It has proposed the commission’s name referring to Project Solarium which was established during World War 2.
The crypto advocacy group wants something similar to the Cyberspace Solarium Commission created in the year 2019. They want a national strategy on digital assets and blockchain technology in the wake of other nations’ advances.
The Chamber of Digital Commerce was formed in 2014 promoting blockchain technology and emerging sectors.
On May 19 the group backed the introduction of the Securities clarity act bill backed by Senator Tom Emmer. Despite several efforts, the Securities and Exchange Commission is adamant about the existing rules being applicable to all newly emerging digital assets.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
