Blockchain arms race risks being won by ‘adversarial nations’ — US crypto lobby group
On a similar note, the organization mentioned the possible BRICS digital currency and other developments regarding gold-backed digital currencies by Russia and Iran.The brief concluded that regulative and legal opacity in the U.S. is “hindering the countrys ability to take and lead benefit of this development transformation,” including:” This abdication is seriously hindering domestic advancement and delivering benefits to other countries at the cost of the U.S. innovator and financier.” The name of the proposed commission referrals Project Solarium which was produced in the wake of World War II and the dawning of the Cold War by President Eisenhower to counter the threat of Soviet expansion. The Cyberspace Solarium Commission, developed in 2019, was produced to develop a tactical method to safeguard against cyber attacks. The crypto advocacy group wants a similar method on digital possessions and blockchain technology which “frantically needs agreement in the wake of other countries advances.” Related: United States Chamber of Commerce slams SECs haphazard guideline effortsThe Chamber of Digital Commerce is an American advocacy group founded in 2014 that promotes emerging innovations in the blockchain sector.On May 19, the group backed Senator Tom Emmer for introducing the Securities Clarity Act which aims to provide much-needed regulatory clearness for the crypto asset and blockchain market in the U.S.The @DigitalChamber applauds @GOPMajorityWhip for introducing The Securities Clarity Act with @RepDarrenSoto. Clear meanings of #digitalassets will offer much-needed certainty for financiers, customers, and services while succeeding innovation in the U.S. pic.twitter.com/LuLqutVMr1— Chamber of Digital Commerce (@DigitalChamber) May 18, 2023
Meanwhile, the Securities and Exchange Commission stays determined that the existing guidelines that were formed decades ago still apply to this new form of digital financing and its hidden technology.Magazine: $3.4 B of Bitcoin in a popcorn tin– The Silk Road hackers story
A blockchain lobbying group backed by the likes of Goldman Sachs, Citi Group, Circle, and Fidelity has actually prompted the United States Congress to pass a legal framework for digital assets or run the risk of 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 focus on passing a nationwide method to crypto regulation.The organization included 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 innovation” in the U.S.There was a stark warning that failure to act would allow “adversarial countries” to further their activities in the area that “threaten U.S. management and dollar primacy. These consist of Saudi Arabia, Russia, France, Brazil, and India, it wrote.Today, the @DigitalChamber issued a call to action advising Congress to organize a Digital Asset and Blockchain Technology Solarium Commission to develop a national tactical technique to these technologies in the U.S.Lets guarantee U.S. management in the #blockchain market.
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Other Questions People Ask
What are the risks of the blockchain arms race being won by 'adversarial nations' according to the US crypto lobby group?
The US crypto lobby group warns that if Congress does not establish a clear regulatory framework for digital assets, countries like Russia, Iran, and others may gain a competitive edge in blockchain technology. This could undermine U.S. leadership in the sector and threaten the dominance of the dollar in global finance. The group emphasizes that regulatory uncertainty is hindering domestic innovation and allowing adversarial nations to advance unchecked.
How does the proposed Digital Asset and Blockchain Technology Solarium Commission aim to address the blockchain arms race?
The proposed Digital Asset and Blockchain Technology Solarium Commission seeks to create a national strategic approach to digital assets and blockchain technology in the U.S. This initiative is modeled after historical efforts to counter threats during the Cold War, aiming to unify various stakeholders in developing a cohesive strategy. By doing so, it hopes to ensure that the U.S. remains competitive against adversarial nations that are rapidly advancing in this space.
What role does the Chamber of Digital Commerce play in addressing the blockchain arms race?
The Chamber of Digital Commerce advocates for clear regulatory frameworks that would support innovation in the blockchain sector and protect U.S. interests. By backing legislative efforts like the Securities Clarity Act, the organization aims to provide much-needed clarity for investors and businesses involved in digital assets. Their call to action emphasizes the urgency of establishing a comprehensive strategy to prevent adversarial nations from gaining an upper hand in blockchain technology.
What implications does regulatory opacity have on the U.S. blockchain industry?
Regulatory opacity in the U.S. is seen as a significant barrier to innovation within the blockchain industry, as it creates uncertainty for investors and developers. The crypto lobby group argues that this lack of clarity is allowing other countries to capitalize on advancements in digital currencies, potentially jeopardizing U.S. leadership.
How do adversarial nations like Russia and Iran influence the global blockchain landscape?
Adversarial nations such as Russia and Iran are actively developing their own digital currencies, which could reshape the global financial landscape and challenge U.S. dollar supremacy. Their initiatives, including gold-backed digital currencies, may attract investment and usage from countries seeking alternatives to traditional financial systems. The U.S.