US Crypto Lobby Highlights Threat of 'Rival Nations' Winning Blockchain Competition

The Chamber of Digital Commerce, a blockchain lobbying group, is calling on the US Congress to create a legal framework for digital assets. 

The group has the backing of major financial institutions like Goldman Sachs, Citi Group, Circle, and Fidelity. Failure to do so, the group warns, could result in the U.S. falling behind other countries in the rapidly advancing crypto space.

The Chamber of Digital Commerce called on Congress to establish a "Digital Asset and Blockchain Technology Solarium Commission" to develop a strategic approach to digital assets and blockchain in the US. It emphasized the need for proper regulation to prevent exploitation by countries like China, which could threaten US leadership and the dominance of the US dollar.

The Chamber of Digital Commerce emphasized China's advancements in the blockchain sector, notably their work on the Blockchain-based Services Network (BSN). The BSN aims to incorporate global development and trade, potentially filling a void created by the lack of U.S. initiatives. Additionally, the organization noted that several countries, including Saudi Arabia, Russia, France, Brazil, and India, are considering or choosing to conduct trade with China directly in yuan, bypassing the U.S. dollar. The rise of alternative digital currencies, such as the potential BRICS digital currency and gold-backed digital currencies from Russia and Iran, was also mentioned.

Advantages of US Blockchain Regulation: Development, Protection, and Global Leadership

Establishing clear and comprehensive blockchain regulation in the United States offers several advantages. It fosters domestic development and innovation, attracting investment and talent to the country. It enhances consumer protection, ensuring a secure and trustworthy environment for participants. 

Additionally, it bolsters U.S. leadership in the global blockchain ecosystem, fostering economic growth, and maintaining the country's competitive edge in emerging technologies. Proper regulation provides a foundation for the U.S. to harness the full potential of blockchain, driving technological advancements and benefiting various industries while safeguarding national interests.

Established in 2014, the Chamber of Digital Commerce is an advocacy group in the United States that actively supports and promotes emerging technologies in the blockchain sector. On May 19, the organization expressed support for Senator Tom Emmer's Securities Clarity Act, which aims to provide regulatory clarity for the crypto asset and blockchain industry in the U.S. Meanwhile, the Securities and Exchange Commission maintains that existing rules, formulated decades ago, are applicable to this new form of digital finance and its underlying technology.

Also read- China's State-Owned Greenland Flocks to Hong Kong for Crypto and NFT Trading