The strategy of Blockchain technology regulation from a national perspective is a Federal Government approach that aims to develop concrete policies that govern the industry. This is lacking in the United States and this is why an advocacy group called the Chamber of Digital Commerce is calling for implementation of the policy.
The Chamber of Digital Commerce is urging the US government to support and promote the nascent Blockchain industry through supportive and clear public statements as well as enacting policies that promote DLT Platforms. The group issued this call on Wednesday and offered a plan for its implementation to the relevant organizations.
Asking For Government Support
Most interestingly, the Chamber of Digital Commerce is calling on the government to support Blockchain technology and Cryptocurrencies through supportive statements. In the past, key federal agencies such as the SEC and the CFTC have been on record issuing statements that have adversely impacted the growth of DLT and Cryptos in the USA.
The lobby group is aiming to put an end to such negative publicity from relevant government agencies and have public servants in federal institutions promote Blockchain and Cryptos in the country. The group believes that a change of strategy and a more Blockchain and Crypto-friendly messaging would have long term benefits to consumers, business, and government institutions.
Calling For Regulation
Vague policies and conflicting approaches to dealing with Cryptocurrencies and Blockchain technology contribute to market volatilities and slow down the uptake of Blockchain technology. The Chamber of Digital Commerce is now calling on all US government agencies to adopt a multi-agency approach to enact Blockchain and Crypto regulations, guidance, and policies. According to the group, clarity in the regulatory approach is vital in redefining Digital Tokens and Blockchain-based applications to support growth.
According to Perianne Boring, the Chamber of Digital Commerce Head and Founder, regulation at the federal level is timely. This is because other developed nations such as Japan, Hong Kong, and South Korea are setting the pace for policy clarity and the USA risks falling behind.
Recommendations Of The Agency
The Chamber of Digital Commerce is recommending that lawmakers Congress create a coordination secretariat that will harmonize Blockchain and Digital Asset strategy. This is because the structure of the nation’s financial regulation is multi-stakeholder and multi-tiered.
Blockchain Has Immense Potential
The USA economy is yet to fully benefit from Blockchain technology. DLT has the potential to streamline production processes in industries such as supply chain, healthcare, financial services, cybersecurity, and more. Hence, if policymakers liaise with stakeholders and create policies, the outcome would fulfil the goal of the Chamber.
The Government Has Been Making Slow Progress In Creating Favorable Policies
The Chamber of Digital Commerce will serve as a lobby group that will call the various Congress Committees in Charge of technology and financial affairs to fast track on policy formulation. This will supplement efforts by some members who have been advocating for Cryptos and Blockchain in Washington DC.
For instance, in October, a bipartisan bill aiming to create a “consensus-based definition of blockchain” was introduced. In December, the Crypto price manipulation prevention bill was also filed. Therefore, the Chamber of Digital Commerce will contribute immensely to the betterment of Blockchain and Crypto policies in the Federal and State governments level.