Proposed National Action Plan For Blockchain Released By Chamber Of Digital Commerce

Blockchain, News, Regulation | February 21, 2019 By:

The Chamber of Digital Commerce, a trade association dedicated to promoting digital assets and blockchain technology, has released its proposed National Action Plan for Blockchain.

The National Action Plan, which is part of Chamber’s ongoing mission to advocate for the future of blockchain technology, calls for the United States to recognize and incentivize the development of blockchain solutions for government and industry. It proposes that the US government approach blockchain with clear support, coordinated agency efforts, and the encouragement of private sector development that is required of emerging industries.

“Many businesses and consumers are still wary of conducting business or transactions using blockchain because of the lack of a predictable legal environment governing activities involving the technology,” the chamber said. “In the current blockchain ecosystem, the development of digital tokens that can represent numerous things, from a currency, to a commodity, a security, title to property, identity, provenance, and many others, has created the need to interpret existing laws that may no longer adequately govern the new features of this technology. As we continue to develop these technologies worldwide, we have seen that government policies have a profound effect on the development of blockchain in that location.”

US regulators have issued numerous advisories, warnings, and enforcement actions against cryptocurrencies and blockchain-related companies. While these actions are necessary to ensure the orderly functioning of business and markets and must continue, the chamber said that they should not be the only statement from government leadership. The chamber added that it is imperative that the government recognize publicly the benefits of blockchain in order to engage businesses (and government) to enable innovation.

“Other developed nations are promoting the adoption of blockchain and digital assets,” said Perianne Boring, founder and president, Chamber of Digital Commerce. “It is imperative that the US also recognize the power and potential of blockchain technology, along with the economic and commercial benefits that it can bring our country, through a National Action Plan for Blockchain. We can either step forward as visionary leaders or risk falling behind.”

According to the chamber, the US was built on entrepreneurship and innovation, and the government should encourage and support these qualities as we head into the next generation of technological development.

“Blockchain-based systems and cryptocurrencies are redefining concepts of ownership, transparency, and financial inclusion,” said Matthew Roszak, chairman of the Chamber of Digital Commerce. “To participate more fully in this rapidly developing global ecosystem, the United States government requires a strong action plan for this foundational, generational shift in technology, finance, and the intersection between the two. It is time that the United States government made a strong statement in support of financial technology innovation and inclusion by reviewing and seriously considering the Chamber’s National Action Plan and the guiding principles it recommends.”