U.S Chamber of Digital Commerce Recommends Nationwide Blockchain Framework

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The United States Chamber of Digital Commerce, a group pushing for the usage of blockchain technology in the U.S, has recommended a unified approach to blockchain regulation.

The U.S Government Should Portray Blockchain In A Positive Light

In its push, the group is asking the United States government to portray the distributed ledger technology in a more positive light. One way the group recommends is by issuing public statements specifically curated to serve this purpose.

The Chamber of Digital Commerce noted that the government has been in the past portraying Blockchain in a negative light. This is due to its utterances which are in the form of enforcement especially towards cryptocurrencies.

To change this, the government needs to issue:

“Clearly articulated statements of support for the private sector on blockchain for the benefit of the government, business, and consumers…[also] there should be a light touch regulatory approach.”

The group recommends that agencies tasked with developing regulations to govern the blockchain sector should coordinate their efforts. This, according to the Chamber of Digital Commerce, will help in creating a unified regulatory framework across the United States. Regulators should also separate the regulations so that digital tokens and other applications built using the blockchain technology are regulated differently and clearly.

More than positive blockchain comments, the chamber is of the view that setting up a government blockchain strategy coordination office will bring the preferred changes in the blockchain sector.

For the nationwide blockchain framework to be comprehensive, the group notes that entrepreneurs should be included in the process. Among the key areas that the blockchain advocacy group marks will benefit from blockchain technology are healthcare, cybersecurity, supply chain, and finance.

According to Perianne Boring, the group’s president:

“Other developed nations are promoting the adoption of blockchain and digital assets. It is imperative that the U.S also recognize the power and potential of blockchain technology… We can either step forward as visionary leaders or risk falling behind.”

Late last year, two Congressmen Daren Sonto and Tedd Budd, introduced ‘The virtual Currency Consumer Protection Act of 2018’ and the ‘U.S Virtual Currency Market and Regulatory Competitiveness Act of 2018’ which aimed, among other things, to increase adoption of blockchain technology.

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