The Digital Asset and Blockchain Technology Solarium Commission should be established, according to the Digital Chamber of Commerce, to provide for cryptocurrency legislation.
A blockchain advocacy group has urged the US Congress to approve legislation that establishes a legal framework for digital assets or risks falling behind other countries. The group is backed by companies such as Goldman Sachs, Citi Group, Circle and Fidelity.
The US Chamber of Digital Commerce urged Congress and the Senate to deliver a comprehensive plan to regulate cryptocurrencies as a top priority in a letter on May 19.
The group went on to ask Congress to establish a “Digital Asset and Blockchain Technology Solarium Commission” to provide a “national strategic approach to digital assets and blockchain technology” in the United States.
There were stark warnings that if nothing was done, “enemy countries” would be allowed to continue their efforts in the region that “jeopardized US leadership and the dollar’s advantage.”
China was cited as an example of antagonistic behavior with the creation of a Blockchain-based Service Network (BSN) with a worldwide aim to “combine global development and trade and fill the void that the US has created.”
The increasing number of countries considering or choosing to trade directly in yuan rather than dollars and ignoring it was also mentioned. Saudi Arabia, Russia, France, Brazil and India are some of them, he said.
In a related vein, the group discussed the BRICS digital currency candidate as well as other advances including a gold-backed digital currency by Russia and Iran.
“Inhibiting the nation’s ability to lead and capitalize on this innovation revolution,” the brief said, adding:
This refusal seriously hindered domestic progress and handed profits to foreign nations at the expense of American investors and innovators.
The commission’s proposed name refers to Project Solarium, launched by President Eisenhower in the years after World War II and the start of the Cold War to combat the threat of Soviet expansion.
The Solarium Cyberspace Commission was established in 2019 to come up with a strategic plan to combat cyber threats.
The Digital Chamber of Commerce is an American advocacy organization founded in 2014 that supports cutting-edge blockchain technology.
On May 19, the group supported Senator Tom Emmer in presenting the Securities Clarification Act, which intends to provide the US cryptocurrency and blockchain industry with much-needed regulatory clarification.
The Securities and Exchange Commission, meanwhile, believes that this new type of digital finance and the technology that underlies it is still subject to current laws, which were established decades ago.
The ‘enemy countries’ post could win the blockchain arms race — a US crypto support group first appeared on BTC Wires.