Blockchain arms race risks being won by ‘adversarial nations’ — US crypto lobby group

On a similar note, the company mentioned the possible BRICS digital currency and other advancements regarding gold-backed digital currencies by Russia and Iran.The quick concluded that regulatory and legal opacity in the U.S. is “hindering the nations capability to lead and take advantage of this development revolution,” including:” This abdication is significantly obstructing domestic development and delivering advantages to other countries at the expense of the U.S. innovator and investor. The crypto advocacy group desires a similar strategy on digital possessions and blockchain innovation, which “desperately requires consensus in the wake of other nations advances. Clear definitions of #digitalassets will supply much-needed certainty for financiers, customers, and organizations while flourishing development 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 years ago still use to this brand-new type of digital finance 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 prompted the United States Congress to pass a legal structure for digital possessions 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 focus on passing a national method to crypto regulation.The company included that it requests that Congress organize a “Digital Asset and Blockchain Technology Solarium Commission” to establish a “nationwide strategic method to digital possessions and blockchain innovation” in the U.S.There was a plain warning that failure to act would enable “adversarial nations” to advance their activities in the space that “threaten U.S. management and dollar primacy.” Excerpt of Chamber of Digital Commerce call to action.– Chamber of Digital Commerce (@DigitalChamber) May 18, 2023

Other Questions People Ask

What are the implications 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 the blockchain arms race is dominated by adversarial nations, it could undermine U.S. leadership in digital finance and threaten the dollar's primacy. This situation may lead to other countries gaining significant advantages in blockchain technology, which could hinder U.S. innovation and investment.

How does regulatory and legal opacity in the U.S. affect its position in the blockchain arms race?

The U.S. is currently facing challenges due to regulatory and legal opacity, which the crypto lobby group argues is obstructing domestic development in blockchain technology. This lack of clarity creates uncertainty for investors and businesses, making it difficult for the U.S. to capitalize on advancements in digital assets.

What actions does the US crypto lobby group propose to enhance U.S. leadership in blockchain technology?

The US crypto lobby group has called on Congress to pass a comprehensive legal framework for digital assets to prevent the U.S. from falling behind other nations. They propose the establishment of a "Digital Asset and Blockchain Technology Solarium Commission" to develop a national strategy for these technologies. This proactive approach aims to create a cohesive regulatory environment that supports innovation while addressing the risks posed by adversarial nations.

What role do adversarial nations play in the current blockchain arms race?

Adversarial nations are actively advancing their blockchain technologies, which poses a significant risk to U.S. leadership in this field. The US crypto lobby group highlights that these countries are leveraging their advancements to gain strategic advantages, potentially threatening U.S. economic interests and national security.

Why is consensus on digital assets crucial for the U.S. according to the crypto advocacy group?

The crypto advocacy group argues that achieving consensus on digital assets is critical for providing much-needed certainty for investors, consumers, and businesses in the U.S. This clarity would not only foster innovation but also help mitigate risks associated with regulatory uncertainty. By establishing a unified approach to digital assets, the U.S. can better position itself against adversarial nations that are rapidly advancing in this domain.