The President’s Economic Report to Congress presents views of digital assets and blockchain that – to put it mildly – are both surprising and disappointing.
Surprising because the very basis of its analysis: that our industry seeks to operate “without relying on governments and their regulatory frameworks” does not reflect the countless hours the Chamber of Digital Commerce, and it’s members have undertaken to work with policymakers in Washington, the states, and around the globe to bring digital assets and blockchain technology further into the regulatory perimeter.
Disappointing because this report fails to acknowledge regulatory agencies’ decade-long disregard and ambivalence toward developing meaningful policies that would provide clarity, certainty and investor protections for digital asset and blockchain-based businesses. As ongoing federal litigation indicates, efforts by our industry to build a clear and consistent legal framework have been stalled in favor of confusion and ridicule.
Perhaps even more disappointing is the Report’s demonstrably false claim that crypto-assets have failed to provide benefits to users and the global economy. From Ukraine to El Salvador to Washington, DC, the digital asset and blockchain industry continues to create new and exciting opportunities that will forever change the global economy. These innovations have not been lost on other mature economies that have seized their promise and allowed them to flourish safety and soundness within their regulatory boundaries. The President’s Report illustrates that the United States is at a greater risk of falling behind.
Nevertheless, we remain committed to fulfilling our education mission and working with policymakers to foster a legal framework for these innovative technologies that prioritizes consumer protection and U.S. leadership in innovation.