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<\/p>\nA blockchain lobbying group backed by the likes of Goldman Sachs, Citi Group, Circle and Fidelity has urged the United States Congress to pass a legal framework for digital assets or risk falling behind other nations.<\/p>\n
On May 19, the U.S. Chamber of Digital Commerce sent a call to action to Congress and the Senate to prioritize passing a national approach to crypto regulation.<\/p>\n
The organization added that it requests that Congress organize a \u201cDigital Asset and Blockchain Technology Solarium Commission\u201d to develop a \u201cnational strategic approach to digital assets and blockchain technology\u201d in the U.S.<\/p>\n
There was a stark warning that failure to act would enable \u201cadversarial nations\u201d to further their activities in the space that \u201cendanger U.S. leadership and dollar primacy.\u201d<\/p>\n
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It mentioned\u00a0China as an example of such adversarial action with its development of an internationally focused Blockchain-based Services Network (BSN) to \u201cincorporate global development and trade and fill the U.S.-created vacuum.\u201d<\/p>\n
It also cited the growing number of countries considering or choosing to trade with China directly in yuan and ditching the U.S. dollar. These include Saudi Arabia,\u00a0Russia, France, Brazil and India, it wrote.<\/p>\n
On a similar note, the organization mentioned the potential BRICS digital currency and other developments regarding gold-backed digital currencies by Russia and Iran.<\/p>\n
The brief concluded that regulatory and legal opacity in the U.S. is \u201champering the nation\u2019s ability to lead and take advantage of this innovation revolution,\u201d adding:<\/p>\n
\u201cThis abdication is severely hampering domestic development and ceding advantages to other nations at the expense of the U.S. innovator and investor.\u201d<\/p><\/blockquote>\n
The name of the proposed commission references Project Solarium, which President Eisenhower created in the wake of World War II and at the dawning of the Cold War to counter the threat of Soviet expansion. <\/p>\n
The Cyberspace Solarium Commission was created in 2019 to develop a strategic approach to defend against cyberattacks. The crypto advocacy group wants a similar strategy on digital assets and blockchain technology, which \u201cdesperately needs consensus in the wake of other nations\u2019 advances.\u201d<\/p>\n