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Blockchain lobbying groups backed by Goldman Sachs, Citigroup, Circle, Fidelity and others have called on the U.S. Congress to pass a legal framework for digital assets or risk falling behind other nations. is inflicting
On May 19, the U.S. Digital Chamber of Commerce issued a call to action to Congress and the Senate to prioritize passing a national approach to cryptocurrency regulation.
The group added that it will ask Congress to form a “Digital Assets and Blockchain Technology Solarium Commission” to develop a “national strategic approach to digital assets and blockchain technology” in the United States.
There was a stern warning that failure to act would allow “adversaries” to further their activities in this area, “jeopardizing US leadership and dollar supremacy.”
The report said such adversarial actions by the development of an internationally focused blockchain-based service network (BSN) to “embed global development and trade and fill the void created by the United States.” He cited China as an example.
He also noted that more and more countries are considering or choosing to ditch the US dollar and trade directly with China in the renminbi. These include Saudi Arabia, Russia, France, Brazil and India, the paper said.
today, @Digital Chamber Issued a call to action urging Congress to form a Digital Assets and Blockchain Technology Solarium Commission to develop a national strategic approach to digital assets and blockchain technology in the United States.
Secure America’s Leadership #Blockchain industry.
— Digital Commerce Chamber (@DigitalChamber) May 18, 2023
In a similar vein, the group also mentioned the potential for BRICS digital currencies and other developments regarding gold-backed digital currencies by Russia and Iran.
The memorandum concluded that U.S. regulatory and legal opacity “hinders the nation’s ability to lead and capitalize on this innovation revolution,” adding:
“This abdication severely impedes domestic development and cedes dominance to other nations at the expense of American innovators and investors.”
The proposed commission is named after the Solarium Project, created by President Eisenhower to counter the threat of Soviet expansion in the wake of World War II and the onset of the Cold War.
Established in 2019, the Cyberspace Solarium Commission was established to develop a strategic approach to defending against cyberattacks. Cryptocurrency advocates want a similar strategy for digital assets and blockchain technology, which are “in dire need of consensus following advances in other countries.”
Related: U.S. Chamber of Commerce Condemns SEC’s ‘Ad Hoc’ Regulatory Efforts
The Digital Commerce Chamber is an American advocacy group founded in 2014 to promote emerging technologies in the blockchain space.
On May 19, the group endorsed Senator Tom Emer’s introduction of the Securities Transparency Act, which aims to provide much-needed regulatory clarity to the U.S. crypto and blockchain industry.
of @Digital Chamber Clap @GOPMajorityWhip In response to the introduction of the Securities Transparency Act, @Darren Soto.clear definition #digitalassets Providing much-needed certainty to investors, consumers and businesses while allowing innovation to thrive in the United States. pic.twitter.com/LuLqutVMr1
— Digital Commerce Chamber (@DigitalChamber) May 18, 2023
Meanwhile, the Securities and Exchange Commission is adamant that existing decades-old rules still apply to this new form of digital finance and its underlying technology.
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