Ohio Congressman Warren Davidson recently called for further blockchain adoption as a response to China embracing the technology as we previously reported in the blockchain news.
Although Bitcoin is 11 years old and is valued at $170 billion, the number one cryptocurrency and blockchain industries remain irrelevant on a global scale and are being treated not as a real competitor but merely a financial experiment. Most recently, the Ohio congressman urged for the adoption of blockchain technology in the US to help the economic growth and to improve the standard of living in America.
The regulatory environment in the States was not so conducive to the success of blockchain companies and some of them were even fined millions by the SEC and digital assets exchanges were forced to implement complex KYC and AM rules or simply leave the US market entirely. The President of the United States, Donald Trump, came out as anti-crypto this year but the Ohio Congressman Davidson, defended the blockchain technology and even wrote:
‘’While I share some of my colleagues’ skepticism about Facebook’s Libra project, I find their fear of blockchain and cryptocurrency shortsighted. Already, blockchain companies are moving overseas, where countries such as Switzerland have the regulatory framework to support innovation while protecting consumers. We need to do everything we can to keep these groundbreaking projects in the U.S. by establishing a clear regulatory framework that protects American innovators, investors and consumers.’’
He remarked that the regulatory clarity is simply not present in the US and the Americans ‘’risk surrendering global superiority and sacrificing improvements in quality of living-just to preserve the status quo.’’ Davidson is pushing for pro-crypto rhetoric for months now and became popular in the crypto community for mentioning the popular industry term ‘S**tcoin’’ in a congressional hearing at the start of this year.
Davidson is not the only pro-blockchain person in Congress. The Republican Representative of North Carolina Patrick McHenry explained that he fears that the regulatory climate in the country against Libra is a de-facto trial for American innovation by the policymakers. He added that the US regulators are pouncing on the companies and sending a ‘’chilling signal to innovation in the United States.’’
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