As global economies increasingly embrace blockchain technology, the United States must ensure it does not lose its foothold in this innovative space. The Chamber of Digital Commerce is calling on Congress to act now, urging the formation of a dedicated Digital Asset and Blockchain Technology Solarium Commission.  

How would a Solarium Commission help digital assets and blockchain technology?  The original Project Solarium was created by President Eisenhower during the Cold War to develop a strategic approach to counter Soviet expansion. A similar approach was recently adopted in the form of the Cyberspace Solarium Commission, which successfully brought about significant, bipartisan cybersecurity reforms.  

A dedicated commission for digital assets and blockchain technology could provide the much-needed direction to create a comprehensive and strategic roadmap for the future of digital asset and blockchain development in the U.S. 

Blockchain technology, the backbone of digital assets, is rapidly transforming global industries – from finance to healthcare, to national security and arts. However, regulatory uncertainty in the U.S. restrains domestic innovation and development while other nations are capitalizing on the technology’s potential, setting their sights on becoming the pioneers in this digital revolution.  

Countries like South Korea are investing significantly into digital infrastructure, dedicating $44.6 billion to a “Digital New Deal”. Japan is fostering crypto adoption by drafting crypto-friendly laws, while Germany is evolving its financial landscape by allowing companies to issue crypto shares.   

Meanwhile, potential adversaries like China and Russia are harnessing blockchain to build their international influence. China is laying the groundwork for an internationally focused Blockchain-based Services Network (BSN), while Russia and Iran are contemplating a gold-backed crypto to bypass the dollar in bilateral trade.  

These advances pose a direct threat to the U.S.’s technological leadership and economic stability. Given the potential of blockchain and digital assets, the U.S. cannot afford to sit on the sidelines any longer.  

As other nations leap ahead, the time for the U.S. to take action is now. Our ask is clear – the Members of the 118th Congress must prioritize the creation of a Digital Asset and Blockchain Solarium Commission to safeguard the nation’s innovation and technological leadership.