A blockchain lobby group backed by Goldman Sachs, Citi Group, Circle and Fidelity has urged the United States Congress to pass a legal framework for digital assets or risk falling behind other nations.
On May 19, the US Chamber of Digital Commerce sent a call to action to Congress and the Senate to prioritize passage of a national approach to crypto regulation.
The organization added that it requests that Congress organize a โSolarium Commission on Blockchain Technology and Digital Assetsโ to develop a โnational strategic approach to digital assets and blockchain technologyโ in the US.
There was a stern warning that failure to act would allow "rogue nations" to promote activities in space that "jeopardize US leadership and the primacy of the dollar."
mentioned Porcelain as an example of such contradictory action with the development of an internationally focused Blockchain-based Service Network (BSN) to โincorporate global development and trade and fill the gap created by the US.โ
He also cited the growing number of countries considering or choosing to trade with China directly in the yuan and abandon the US dollar. These include Saudi Arabia, RussiaFrance, Brazil and India, he wrote.
Today the @Digital camera issued a call to action urging Congress to organize a Solarium Commission on Digital Assets and Blockchain Technology to develop a national strategic approach to these technologies in the US.
Let's secure US leadership in the #chain of blocks industry.
โ Digital Chamber of Commerce (@DigitalChamber) May 18, 2023
On a similar note, the organization mentioned the potential BRICS digital currency and other developments regarding gold-backed digital currencies by Russia and Iran.
The report concluded that regulatory and legal opacity in the US is "hindering the nation's ability to lead and take advantage of this innovation revolution," adding:
"This abdication is seriously hampering national development and ceding advantages to other nations at the expense of the American innovator and investor."
The name of the proposed commission refers to Project Solarium, which was created in the aftermath of World War II and the beginning of the Cold War by President Eisenhower to counter the threat of Soviet expansion.
The Cyberspace Solarium Commission, created in 2019, was created to develop a strategic approach to defending against cyberattacks. The cryptocurrency advocacy group wants a similar strategy on digital assets and blockchain technology that "is in desperate need of consensus in the wake of other nations' advances."
Related: US Chamber of Commerce criticizes SEC's 'random' regulatory efforts
The Digital Chamber of Commerce is an American advocacy group founded in 2014 that promotes emerging technologies in the blockchain industry.
On May 19, the group endorsed Senator Tom Emmer for introducing the Securities Clarity Act, which aims to provide much-needed regulatory clarity for the crypto-asset and blockchain industry in the US.
He @Digital camera clap your hands @GOPMajorityWhip for presenting the Securities Clarity Law with @RepDarrenSoto. clear definitions of #digital resources it will provide much-needed certainty to investors, consumers, and businesses while fostering innovation in the US. pic.twitter.com/LuLqutVMr1
โ Digital Chamber of Commerce (@DigitalChamber) May 18, 2023
Meanwhile, the Securities and Exchange Commission stands firm that existing rules that were formed decades ago still apply to this new form of digital finance and its underlying technology.
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