The United States is presented with a significant chance to adopt blockchain innovation, Web3, and cryptocurrency through legislative measures amidst a shifting political backdrop, Representative Bryan Steil remarked during a February 26 discussion.
“My broader philosophical ambition here is [as a lawmaker]: How do we ensure that the United States is positioned to surpass the rest of the globe?” Steil stated in a conversation with Chainlink Labs.
“And as we pursue that, we must implement sensible consumer safeguards while concentrating on remaining at the forefront in this space,” he further explained. Steil is the present chair of the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence.
The purported substantial opportunity arises, in part, from two proposed bills currently being developed: one aimed at stablecoin regulation and an additional market structure bill that would enhance the existing Financial Innovation and Technology for the 21st Century Act (FIT21).
As per Steil, the US has turned a significant corner after four years under Joe Biden’s administration and former Securities and Exchange Commission Chair Gary Gensler. Once a critic of digital assets, US President Donald Trump is now advocating for blockchain technology.
The cryptocurrency sector has expressed disapproval towards the Biden administration for what became informally known as “Operation Chokepoint 2.0,” which focused on the debanking of cryptocurrency enterprises and the SEC’s practice of “regulation by enforcement” against Web3 entities.
David Sacks, the crypto strategist of the Trump administration, mentioned that stablecoins are a priority for the new administration, with the aim of bringing the fiat-pegged cryptocurrencies onshore. Numerous stablecoins are pegged to the US dollar and supported by US Treasurys, rendering them a tool to enhance global dominance over the dollar.
Stablecoins represent one of crypto’s most sought-after applications across the globe. In areas experiencing hyperinflation, cryptocurrency enthusiasts frequently acquire stablecoins to preserve the purchasing power of their funds. Stablecoins are also utilized for settling transactions.
Steil pointed out that cryptocurrency holds numerous intriguing applications, such as enabling cross-border remittances and other instances where transaction costs are substantial, including in the real estate sector. Blockchain solutions for identity verification could also be beneficial, as they may bolster confidence in electoral processes.
