Former President Bill Clinton believes that “permutations and possibilities of blockchain technology are staggeringly great.”
“But we could ruin it all by negative identity politics and economic and social policy.”
He continued, “this whole blockchain deal has the potential it does only because it is applicable across national borders, income groups.” He also compared blockchain to the emergence of e-commerce solutions in the 1990s, which changed the face of retail.
But as revolutionary as blockchain is, the U.S. is also missing out on a great deal of opportunity.
In fact, a lot of companies feel the same way with some likely to leave the U.S. in months. All thanks to inaction from the US SEC with regards to regulation or ETF approval.
Calls for Regulation have Grown Louder
It’s not just blockchain bulls asking for answers from the U.S. SEC.
Congress is becoming impatient, too.
So much so, Rep. Tom Emmer, R-Minn., said he plans to introduce three crypto and blockchain friendly bills, while Rep. Warren Davidson, R-Ohio, is drafting one to be introduced this fall that he says not yet “fully cooked, says CNBC.
The U.S. Should Prioritize Legislation
“The United States should prioritize accelerating the development of blockchain technology and create an environment that enables the American private sector to lead on innovation and further growth, which is why I am introducing these bills,” said Congressman Emmer.
“Legislators should be embracing emerging technologies and providing a clear regulatory system that allows them to flourish in the United States,” he says on his site.
“Current uncertainty surrounding the treatment of offers and sales of digital tokens is hindering innovation in the United States and will ultimately drive business elsewhere,” the letter said. “We believe that the SEC could do more to clarify its position.”
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