Try as they well, developers and companies are desperate looking for the U.S. government so spur blockchain adoption.
That’s according to a new report from IBM
“Strong industry consensus exists around the belief that blockchain technology will be the leading edge of ‘next Internet’ economy.”
“It is imperative that government and industry work together to continue and strengthen technological and market leadership in this new area,” says the report. “Currently there is a need for greater vision and leadership across government regarding the development of technology for a digital-blockchain economy, and the U.S. role in this future economy,” the report stated. “Industry leaders believe this technology will be core to the future of the economy as a whole, just as the Internet has become.”
America is missing out on incredible blockchain opportunities
In fact, according to Ripple CEO Brad Garlinghouse, we’re falling behind on the future of the technology because of it.
Facebook, IBM and Google are exploring its potential in the U.S. However, most startups are being developed outside of the U.S.
Again, all thanks to the reluctance to regulate
“We have a few good U.S. investments,” added TechCruch founder, Michael Arrington said of his $100 million Arrington XRP fund. “But 80-90 percent of our investments are in Asia, Europe and Israel right now because they are actually countries where there’s enough regulatory certainty that entrepreneurs feel safe starting token or blockchain companies there.”
“Here [in the U.S.] they don’t. There’s so much regulatory uncertainty, add to that the tax burden and the visa burden of coming here and then our current federal government’s stance on immigration in general, they’re just saying ‘Fuck it’ and they’re staying in Singapore or Israel or Europe instead of coming here and starting companies,” he added.
The SEC needs to get its act together, says Arrington
With fraud and scams prevalent in the space, it’s surprising the SEC hasn’t been more aggressive. What would help is if there was further clarity and regulation from them.
If not, America could miss out on one of the biggest technology breakthroughs.
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