A blockchain lobbying group backed by industry giants Goldman Sachs, Citi Group, Circle, and Fidelity has issued a compelling call to the United States Congress, urging the swift establishment of a legal framework for digital assets. Failure to act, the group warns, could result in the nation falling behind its global counterparts.
The U.S. Chamber of Digital Commerce delivered a resounding call to action on May 19, requesting that Congress and the Senate prioritize the enactment of a comprehensive national approach to crypto regulation. Additionally, the organization proposed the creation of a “Digital Asset and Blockchain Technology Solarium Commission” to develop a strategic framework for digital assets and blockchain technology.
The group expressed a grave concern that the absence of decisive action would enable adversarial nations to advance their activities in the digital asset space, ultimately endangering U.S. leadership and the prominence of the U.S. dollar. It specifically highlighted China’s development of the internationally-focused Blockchain-based Services Network (BSN) as an example of such adversarial action, aiming to fill a void created by the United States.
The organization further cited an increasing number of countries, including Saudi Arabia, Russia, France, Brazil, and India, considering direct trade in yuan and veering away from the U.S. dollar. Additionally, it mentioned the potential BRICS digital currency and developments surrounding gold-backed digital currencies by Russia and Iran.
The group concluded that the lack of regulatory clarity in the United States is impeding the nation’s ability to lead and capitalize on the ongoing innovation revolution in the digital asset space. It emphasized that this abdication of responsibility hampers domestic development while granting advantages to other nations, at the expense of U.S. innovators and investors.
The proposed commission’s name, “Digital Asset and Blockchain Technology Solarium Commission,” draws inspiration from President Eisenhower’s Project Solarium, which was initiated after World War II to counter the threat of Soviet expansion. Drawing parallels to the Cyberspace Solarium Commission established in 2019 to develop a strategic approach against cyber attacks, the crypto advocacy group seeks a similar strategy for digital assets and blockchain technology, which it believes desperately requires consensus in light of other nations’ advancements.
The Chamber of Digital Commerce, an American advocacy group founded in 2014, actively promotes emerging technologies in the blockchain sector. On May 19, the group expressed support for Senator Tom Emmer’s introduction of the Securities Clarity Act, a crucial initiative aiming to provide regulatory clarity for the crypto asset and blockchain industry in the United States.
On the other hand, the Securities and Exchange Commission stands firm in its position that the longstanding regulations crafted many years ago are still applicable to this emerging realm of digital finance and its underlying technology.