Chamber of Digital Commerce Calls For US National Action Plan For Blockchain

Blockchain, News, Regulation | February 4, 2019 By:

The Chamber of Digital Commerce has called on the US government to implement a national action plan for blockchain.

In a statement, Perianne Boring, Founder and President of the chamber, and Amy Davine Kim, the chmaber’s Chief Policy Officer, stated that despite a myriad of transformational benefits that blockchain and digital assets offer for businesses, government, and consumers, the US government has yet to fully embrace a national, comprehensive blockchain strategy.

The duo said that innovators are starting to move to other jurisdictions that are more enthusiastic in embracing blockchain’s numerous benefits and aggressively focus on creating frameworks conducive to furthering blockchain innovations and technologies.

“It’s time the United States take notice of this growing trend and commit to developing its own frameworks to incentivize the development of blockchain solutions for government and industry,” they said. “This call for action extends beyond the US Congress to the Administration to ensure that we realize the commercial and economic benefit of this technology. The US Government needs to indicate its support, both in words and in action, for the development of blockchain solutions.”

According to Boring and Kim, the US must invest in blockchain development or risk falling behind to blockchain-friendly countries.

“Major industrialized nations are making significant advances in promoting and adopting this technology, making a hard run to be the leaders, and obtain the economic value, of this industry,” the two proponents said. “We must state, clearly and plainly, at the highest levels of government, that blockchain technology offers important progress for business, government, and consumers, and must be nurtured and proactively supported to ensure its success.”

The duo noted that US government set out a roadmap to facilitate growth of commerce on the Internet almost two decades ago, adding that “we need the same visionary support for blockchain today.”

Last year, the chamber and its Token Alliance, an initiative of more than 350 blockchain and token experts from around the world, published a set of guidelines to help shape the responsible growth of the security token and initial coin offering (ICO) markets. The document includes a regulatory overview of select jurisdictions with a robust or emerging ICO sector, principles and guidelines for utility tokens, and an overview of the token economic landscape.