Last November, the American people clearly talked. They support President Trump and the agenda on which he campaigned: a “golden age” in America. A key element in the agenda of President Trump is to take advantage of the leadership of the United States in advanced technology and economic force for the benefit of all Americans.
Nowhere, this renewed concentration on the use of our forces for the future is only necessary in the development of digital assets and blockchain operations, where Washington has been sleeping for too long.
According to surveys, 55% of American investors have a bitcoin and more than 40 million have a certain type of cryptocurrency. Even our largest financial institutions now adopt digital assets and the transformative power of blockchain technology. There is no doubt that these innovations will make financial products more affordable and accessible. From stable to the tokenization of assets to decentralized financial applications, this progress has the potential to reduce costs and to expand opportunities for investors and consumers.
Despite its transformer potential and its general adoption, the Biden-Harris administration refused to recognize the promise of this technology. Civil servants were not only indifferent – They were openly hostile. Regardless of security or innovation, the products associated with “crypto” or “digital assets” have been loose and pleaded in purgatory. The regulators have refused to provide significant advice on how this technology could be implemented in a compliant manner. Worse, they have implemented new policies to make adoption even more difficult.
Today is a new day. There is a large agreement that we need an adjustment regulation that unlocks opportunities while providing consumer and national security protections that Americans deserve. The world is counting on us to ensure that global payment systems are not used for harmful purposes, in particular the financing of terrorism and drug trafficking. Due to the abdication of responsibility of the Biden-Harris administration in the past four years, the United States has lagged behind and others, including our opponents, develop products and systems that threaten primacy Dollar.
Despite the reluctance of the Biden-Harris administration, during the last Republicans of the Congress Chamber, led the accusations and adopted historical legislation creating a prospective regulatory framework for digital assets. This bipartite bill provides appropriate protections for consumers and proactively addresses national security and money laundering problems while obtaining the United States as a leader in digital assets and blockchain innovation.
The Republicans of the Congress will now resume where we stopped and work in a bicameral manner with the Trump administration and the financial regulators to ensure that the open hostility of the executive branch of the last four years is eliminated.
Congress has a unique opportunity to promulgate legislation that plays American forces. We will provide a foundation that will release innovation in digital assets and blockchain space, while strengthening the status of the US dollar as a reserve currency and the preferred payment method of legitimate transactions worldwide.
As leaders of digital assets within the Chamber’s Financial Services Committee, our immediate priorities include the creation of a federal framework with clear rules around stalins, which gives clarity for the sale and initial distribution of Tokens, creating tracks for the recording of centralized platforms for the token trade, implementing solid protections against money laundering and terrorist financing, and ensuring fair competition.
We have already started this work by recently publishing our discussion project to establish a framework for the issue and operation of payment stables labeled in dollars in the United States.
There are those who share the point of view of the Biden-Harris administration according to which the ecosystem of digital assets is, in the words of the former president of the dry, Gary Gensler, “full of marcors, fraudsters and artists. ” But this feeling only underlines the urgent need of these efforts. Effective legislation and proactive regulatory commitment will guarantee that good players with innovative products can prosper in the United States and consumers are properly protected against carpet pulls, market handling and other fraudulent activities.
We are the world leaders in finance and technology because, above our history, we have waited and adopted innovation as a means of reducing costs, increasing opportunities and improving protections. We must be faithful to our history and start again.
With our newly trained bicameral working group for digital assets, we will work in locking with the president of the banking committee of the Senate Tim Scott, the president of the Senate Agriculture John Boozman, the president of agriculture of the GT Thompson Chamber and the Crypto From the White House David Sacks to advance the legislation that delivers on the promises we have made to the American people. The “golden age” of digital assets in the United States are starting now.
