The American Blockchain PAC is urging American legislators to look to the future and not inhibit the transformative power of blockchain technology through heavy-handed regulation. The organization is an independent, non-profit committee that lobbies federal legislators to support blockchain-based and cryptocurrency-based initiatives..
On Dec. 8, the House Financial Services Committee held a session focusing on the future role digital assets will play in American finance. American Blockchain PAC Board of Advisors lead Dr. W. Scott Stornetta said the event helped listeners understand why the priority must shift away from protecting the status quo to one which “unleashes an innovative economic offense based on the power of the blockchain”.
“This was but the first of many hearings and subsequent legislative discussions,” Stornetta said. “The early innings, if you will, in a World Series with truly global implications. I claim more than a disinterested bystander’s interest in how this game plays out, and feel a personal responsibility to see the blockchain achieve its originally intended promise, which is to see an economy based on blockchain’s principles of integrity, transparency, and widely-shared responsibility.”
American Blockchain PAC founder Todd White said these hearings will lay a foundation for the creation and implementation of new regulatory frameworks. Those will, in turn, eventually produce legislation that will determine America’s position in the financial system of the future.
“The American Blockchain PAC is well-positioned to be the leading voice for the entire constellation of the blockchain and digital assets ecosystem,” White said.
Tezos founder and American Blockchain PAC advisory board member Kevin Mehrabi said decentralized finance entrepreneurs and public servants share the same goals in preserving the national interest. He hopes the government shares his bullish view on the future of decentralized finance.
“Overhanded regulation of DeFi will not aid our national security, nor protect American consumers, nor maintain the US dollar as the global standard,” Mehrabi said. “On the contrary, such brazen broad stroked actions will spur massive advancements in subversive payment technologies, disenfranchise millions of Americans from their only financial empowerment opportunities, and force the global market to choose a new non-USD stablecoin as the new denominational cornerstone of our global finance.
“In fact, many DeFi ecosystem builders and participants are taking steps to adopt either the euro or even gold as the mainstay of this multi-trillion dollar ecosystem, citing looming US regulatory threats. I invite lawmakers to explore this new world of DeFi technologies and businesses as a friend to our national interests.”
American Blockchain PAC CEO Adelle Nazarian said a sound digital asset policy is needed for America to remain competitive in the new economy.
“As stablecoins become more mainstream in our global economy, it will be essential for Congress to expand its digital policy to ensure that America can remain competitive and at the forefront of innovation,” she said. “When Americans prosper, the world prospers.”