Coindesk Logo

US Advocacy Group Calls for National Action Plan on Blockchain

US Advocacy Group Calls for National Action Plan on Blockchain

US Advocacy Group Calls for National Action Plan on Blockchain

The Chamber of Digital Commerce has called for the U.S. government to implement a national strategy for blockchain technology.

The Chamber of Digital Commerce has called for the U.S. government to implement a national strategy for blockchain technology.

The Chamber of Digital Commerce has called for the U.S. government to implement a national strategy for blockchain technology.

AccessTimeIconFeb 20, 2019, 11:00 AM
Updated Aug 18, 2021, 10:47 PM

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

The Chamber of Digital Commerce, a blockchain advocacy group, has called for the U.S. government to implement a national strategy for blockchain technology.

The organization released its recommendations for the plan on Wednesday, urging the government to promote and support the blockchain industry through clear and supportive public statements.

So far, most public statements from the U.S. government on cryptocurrencies have been in the form of warnings and enforcement actions, according to the chamber. Instead, there is a need for “clearly articulated statement of support for the private sector” on blockchain for the benefit of government, business and consumers, it said.

The U.S. government agencies should also coordinate with each other to develop blockchain policies, guidance and regulations. There should be a “light-touch regulatory approach” and the industry must have clarity on what laws apply to blockchain-based applications and digital tokens, the group added.

Chamber of Digital Commerce founder and president Perianne Boring said in a statement:

“Other developed nations are promoting the adoption of blockchain and digital assets. It is imperative that the U.S. also recognize the power and potential of blockchain technology. ...We can either step forward as visionary leaders or risk falling behind.”

The U.S. government should also create an office to coordinate on blockchain strategy, the chamber recommended, given the “multi-tiered and multi-stakeholder structure of U.S. financial services regulation.”

It argued that blockchain tech has potential to streamline processes across industries, including cybersecurity, financial services, healthcare, supply chain, and more, and that the lawmakers should reach out and cooperate with entrepreneurs in order to develop the national blockchain strategy.

Some U.S. lawmakers have already been making legislative efforts in the crypto and blockchain space. Back in October, a bipartisan bill was introduced, proposing the creation of a “consensus-based definition of blockchain.”

In December, two more bipartisan bills were introduced aimed to prevent crypto price manipulation and to boost acceptance of blockchain technology.

And, just last week, lawmakers in the U.S. state of Wyoming passed three bills related to blockchain and cryptos.

One bill is designed to recognize digital assets as property and clears the way for banks to act as crypto custodians, the others aim to enable securities to be issued in a tokenized form and create “special purpose depository institutions” to enable blockchain businesses to access traditional banking services. All three are now awaiting signature by the state governor to officially become law.

U.S. Capitol image via Shutterstock 

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.