America has been leading the world in crypto innovation, thanks to the vibrant culture of silicon valley. However, if the regulators don’t give the Bitcoin ecosystem some breathing room, they might lose their position as the global leaders.
Thomas W. Hodge, Senior Associate Attorney at Brock & Scott PLLC, says that throughout history, America has been a hub for innovation and an avenue for new technology to enter the market. Today, there are many new technologies on the horizon: artificial intelligence, autonomous vehicles and perhaps most importantly, cryptocurrencies and blockchain technology, which can potentially alter the way we conduct our lives.
Talking about the dominance of America in the crypto space, Hodge says:
“The last three years have not only proven to us that cryptocurrencies are here to stay, but that they are being adopted by mainstream institutions and large banks, signaling that it is time for our leaders in Washington to pay attention. The United States is already home to more than 500 cryptocurrency companies, blockchain and Bitcoin are leading sources of U.S jobs, and cryptocurrencies around the world have a market cap of more than $320 billion.”
Keeping this in mind, the United States cannot afford to lose its place as the front-runner in crypto.
Hodge is not alone in his sentiments, Congressman from Minnesota, Tom Emmer eches the same views.
America’s technology companies are important job creators that lead the country in innovation. Stifling free-market competition is the wrong approach to growing our economy. Don’t let @ewarren #BreakTheEconomy
— Tom Emmer (@RepTomEmmer) March 8, 2019
The one figure from the SEC that generally supports the market in her decisions is Hester Peirce, AKA Crypto Mom. Now, she has pushed back an industry lobbyist’s call to create a national strategy for the blockchain sector. This national plan, which was intended by the Digital Chamber of Commerce, has the goal of making the development of blockchain technology a priority for the United States. Peirce agrees that there is a need for clear regulatory guidelines, but she does not think that the government should participate a lot and partner with the private sector because, in her mind, the ideal would to just enact a good regulation and let the market solve this by itself.
Peirce’s statement was an important development and an important warning for regulators. All federal agencies in the space need to engage both investors and cryptocurrency companies to develop plans that promote innovation, spur investment and protect consumer interests. As we all know, the past doesn't always equal the future and when it comes to bitcoin legalities and crypto market regulations for the blockchain economy, everyone needs to play their role and act for the greater good of the new way to transfer value across the digital world.