Failure to Implement Proper Crypto Regulations May Cost U.S. 'Hundreds of Billions,' Block.one CEO Says

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Brendan Blumer, the 32-year-old CEO of Block.one, a Cayman Islands-headquartered firm which publishes open-source software, including that which now powers EOS, one of the world’s largest platforms for deploying decentralized applications (dApps), has argued that the US is “unnecessarily falling way behind” when it comes to adopting the latest technology.

Blumer, who first began experimenting with “virtual assets” at the age of 15 while being actively involved in the multiplayer online gaming space, noted via Twitter that blockchain technology and digital assets are increasingly becoming an integral part of the world’s economy.

Trump Administration May Potentially Be Losing “Hundreds Of Billions Of Dollars”

He criticized US President Donald Trump’s administration for not developing and supporting policies which would allow for “hundreds of billions of dollars” to enter the $19.4 trillion American economy.

In response to Blumer’s tweet, Twitter user Vulture’s Pick (@VulturePick) remarked that it was “strange to see” that the government of the world’s “most developed” nation and a recognized “leader in innovation” also needed a reminder that it has failed in implementing progressive policies.

Notably, several analysts have previously argued that the US has not set up policies which will help its citizens responsibly adopt innovative technologies. Given that American lawmakers appear to not be moving fast enough when it comes to formulating crypto regulations, Vulture’s Pick noted that it would be a “next to impossible task to convince governments of third world countries” to embrace innovative tech such as cryptocurrencies and blockchain-based platforms.

Consumer Trust In Coprorations Has “Disintegrated”

Blumer also previously stated via Twitter:

Consumer trust in the system and corporations has disintegrated to [a] degree that it’s no longer an advantage to be a big brand; people are demanding unprecedented transparency and eventual product autonomy.

According to the Block.one CEO, blockchain tech and the evolving crypto economy will help contribute to the development of a new set of standards and communication protocols. This will make it easier for individuals and organizations to engage in business activities by effectively and efficiently conducting cross-border transactions.

Blumer added:

[Blockchain tech] would help rebuild trust, but the solution requires massive reduction to the profitability of big business, and will require unprecedented changes to product models which have been structured purely for shareholder gain. I’ll remain hopeful, but more optimistic on disruption.

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