Congressman Davidson: US is Risking Global Superiority with Passive Blockchain Technology Stance

Congressman Warren Davidson (R-OH) is known for his pro-blockchain stance who has called for clear regulation on emerging technologies in order to be a dominant force. Responding to a report dated back to October 24th on automation in manufacturing, the congressman disclosed a letter on November 4th recommending the US government to persuade developers and entrepreneurs to remain here in the States and contribute to strengthening its position in the world market. He wrote,

“If we allow fear to stifle their efforts, we risk surrendering global superiority and sacrificing improvements in quality of living.”

The October 24th report regarding automation in manufacturing sectors raised apprehensions over robots and AI taking over the US workforce. The report read,

“[T]here is compelling evidence that factory automation swung three key Rust Belt states — Michigan, Wisconsin, and Pennsylvania — in favor of Donald Trump in the 2016 election.”

Davidson being a pro emerging tech believe that fearing the innovative change could pose a risk in the long run and might push the country from being part of the transition to the next generation of technology. He went on to claim that the improvement which the emerging tech like blockchain brings to the table would eventually outweigh the cons associated with it.

Emphasizing on the need for adoption of these emerging technologies, he wrote,

“From improving capital formation, supply chain logistics, reinventing shop floor operations, product identification and traceability, U.S. manufacturers could stand to harness the power of blockchain to unleash incredible innovation and manufacturing growth.”

Davidson wants the state to pass the Token Taxonomy Act

Davidson is well known for his progressive stance towards the blockchain tech and cryptocurrencies. He has been advocating about the passing of the Token Taxonomy Act which was introduced in April. On November 4th he tweeted about the same and hoped that his colleagues in the House Committee on Financial Services can see the larger picture and come over their fear of blockchain technology.

ICYMI: I hope my colleagues in the House #FinancialServices Committee find a way to overcome their fear of #blockchain so that the US can maintain technological and economic dominance. Read my letter in @WSJ: https://t.co/33eijgHlVH

— Warren Davidson (@WarrenDavidson) November 5, 2019

He believed that the passing of the Token Taxonomy Act would help the United States to maintain its technological and financial dominance. He wrote,

“In the midst of technological change, consumers, innovators, and investors need regulatory certainty to keep America’s economy working for them. FinTech is just one example…”

Davidson also noted that the fear of regulators towards a ‘coming of age' technology has already done severe damage where most of the early innovators had to shift their workforce outside the states amid growing regulatory uncertainty. He believed by discouraging such innovations the government is risking “surrendering global superiority and sacrificing improvements in quality of living”