The Chamber of Digital Commerce has requested Congress to establish a commission called the Digital Asset and Blockchain Technology Solarium to create regulations for cryptocurrencies.
A group that represents the interests of blockchain technology, supported by companies like Goldman Sachs, Citi Group, Circle, and Fidelity, has asked the United States Congress to create laws for digital assets. Without proper regulations, they believe the country could lag behind other nations in this field.
On May 19, the U.S. Chamber of Digital Commerce urged Congress and the Senate to prioritize the implementation of nationwide regulations for cryptocurrencies.
The organization also suggested that Congress establish a commission called the “Digital Asset and Blockchain Technology Solarium Commission” to create a strategic plan for digital assets and blockchain technology at the national level in the U.S.
“They issued a strong warning that if no action is taken, it would allow “adversarial nations” to advance their activities in the field, posing a risk to U.S. leadership and the dominance of the U.S. dollar”.
Excerpt of Chamber of Digital Commerce call to action – digitalchamber.org
They specifically highlighted China as an example of such adversarial action, pointing to the development of a global Blockchain-based Services Network (BSN) that aims to encompass worldwide development and trade, potentially filling a void created by the United States.
They also mentioned that an increasing number of countries, including Saudi Arabia, Russia, France, Brazil, and India, are considering or opting to engage in direct trade with China using the yuan currency instead of the U.S. dollar.
Today, the @DigitalChamber issued a call to action urging Congress to organize a Digital Asset and Blockchain Technology Solarium Commission to develop a national strategic approach to these technologies in the U.S.
Let's ensure U.S. leadership in the #blockchain industry.
— The Digital Chamber (@DigitalChamber) May 18, 2023
The organization also highlighted the potential creation of a digital currency by BRICS (Brazil, Russia, India, China, South Africa) countries, as well as the efforts of Russia and Iran in developing gold-backed digital currencies.
The brief concluded that unclear regulations and laws in the U.S. are making it difficult for the country to take a leading role and benefit from the ongoing innovation revolution.
“This lack of action is seriously slowing down the progress of domestic development and giving other nations an advantage, which is detrimental to U.S. innovators and investors.”
The proposed commission’s name is inspired by Project Solarium, a post-World War II initiative led by President Eisenhower to address the challenges posed by Soviet expansion during the Cold War.
The Cyberspace Solarium Commission, established in 2019, aimed to create a plan to protect against cyber attacks. The crypto advocacy group seeks a similar strategy for digital assets and blockchain technology, as it believes there is a pressing need for consensus in response to advancements made by other countries.
The Chamber of Digital Commerce is a group in the United States that was established in 2014. Its main goal is to support and promote new technologies in the blockchain industry.
On May 19, the Chamber of Digital Commerce expressed its support for Senator Tom Emmer as he introduced the Securities Clarity Act. This act aims to bring clear regulations to the crypto asset and blockchain industry in the United States, providing much-needed clarity for businesses operating in this space.
The @DigitalChamber applauds @GOPMajorityWhip for introducing The Securities Clarity Act with @RepDarrenSoto. Clear definitions of #digitalassets will provide much-needed certainty for investors, consumers, and businesses while prospering innovation in the U.S. pic.twitter.com/LuLqutVMr1
— The Digital Chamber (@DigitalChamber) May 18, 2023
Despite the evolving landscape of digital finance and blockchain technology, the Securities and Exchange Commission continues to insist that the existing rules, which were established many years ago, are still applicable.
This information is for general knowledge only and should not be considered as advice for investing or making financial decisions.
