The voices of a growing number of influential politicians and innovators are vociferously proclaiming the importance of preserving the supposed leadership of the United States in the cryptocurrency industry.
"The US can not afford to lose its place as the leader in Crypto"
The importance of worldwide technological supremacy is becoming more important. In the United States, innovation and job creation defenders are pushing to give some air to Bitcoin (BTC) and other cryptocurrencies.
In this regard, Thomas W. Hodge, Senior Associate Attorney at Brock & Scott PLLC and founder of Crypto and Policy, argues that the US has always encouraged the growth of new technologies that are coming onto the market. "We are promoting its growth rather than suppressing it with burdensome regulations," he said, adding:
Today, there are many new technologies on the horizon: artificial intelligence, autonomous vehicles and above all cryptocurrencies and blockchain technologies that will change our lives – from banking to voting […] Put simply, the United States can not afford to lose its place as the frontrunner in crypto.
To this end, Hodge joins Minnesota's Congressman Tom Emmer in order not to obstruct free market competition and provide government regulators who create transparency for their regulatory intentions.
America's technology companies are important jobs that lead the country in innovation. To suppress competition in the open market is the wrong approach to the growth of our economy. Do not let it @ewarren #BreakTheEconomy
– Tom Emmer (@RepTomEmmer) March 8, 2019
Hodge hopes for a renewed leadership in the Congressional Blockchain Caucus and changes to the US Securities Exchange Commission (SEC). According to Hodge, these developments will encourage cryptocurrency companies to "continue to drive innovation in fintech throughout the world."
"The SEC must open its doors to innovation"
At the SEC, key officials are working to improve the treatment of crypto technologies. For some time, Commissioner Hester Peirce has proposed opening the SEC to innovation and free enterprise. She complains:
[W]We govern an industry that is a key pillar of progress and productivity in the rest of the economy.
In particular, Pierce calls for an innovative and improved regulatory framework that can be better adapted to the cryptocurrency industry.
As the US presidential election approaches 2020, cryptophobia seeks to track down Bitcoin-friendly candidates and see how their policies promote innovation and entrepreneurship.
One candidate has already stated that he will accept campaign donations in cryptocurrencies. Andrew Yang is a presidential candidate and advocate of a universal basic income. He recently announced that he accepts donations to Bitcoin, Ethereum and other cryptocurrencies that comply with the ERC20 standard, as well as Venmo payments.
Do you think the US government should support the growth of the crypto industry to maintain technological hegemony? Do not hesitate to let us know in the comments below!
Images courtesy of Twitter / @ RepTomEmmer, Shutterstock.
The contribution that US regulators should make to Bitcoin first appeared on Bitcoinist.com.
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