US Crypto Lobby Group Warns of Adversarial Nations Winning Blockchain Arms Race

Major financial institutions, including Goldman Sachs, Citi Group, Circle, and Fidelity, have backed a blockchain lobbying group urging the United States Congress to establish a legal framework for digital assets. On May 19, the U.S. Chamber of Digital Commerce called on Congress and the Senate to prioritize passing a national approach to crypto regulation. The group also requested that Congress establish a “Digital Asset and Blockchain Technology Solarium Commission” to develop a “national strategic approach to digital assets and blockchain technology” in the U.S. The organization warned that failure to act would enable “adversarial nations” like China to further their activities in the space and “endanger U.S. leadership and dollar primacy.” The lack of regulatory and legal clarity in the U.S. is “hampering the nation’s ability to lead and take advantage of this innovation revolution,” the group added. The proposed commission would be similar to Project Solarium, created in the wake of World War II by President Eisenhower to counter the threat of Soviet expansion. The crypto advocacy group wants a similar strategy on digital assets and blockchain technology which “desperately needs consensus in the wake of other nations’ advances.”

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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