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According to the President of the Texas Blockchain Council, the recent election outcome brought much-needed relief for the industry.
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Lee Bratcher, the President of the Texas Blockchain Council, is a leading advocate for blockchain technology in the United States. Bratcher’s ongoing work with US lawmakers has spawned numerous insights into the current regulatory landscape — including a lack of education as the biggest impediment to acceptance of blockchain technology.
In an interview with Cointelegraph, Bratcher explained that lawmaker apprehension is not primarily driven by an “Aversion to innovation” but a lack of knowledge of the nascent technology — particularly among older generations. The President of the Texas Blockchain Council stated:
“It’s not that they don’t want the US to be competitive in finance or digital assets. They just don’t have any idea how the tech works, and they don’t want to be the ones who were duped in the event something doesn’t go right.”
According to Bratcher, the solution to this apprehension is to motivate lawmakers by arguing that if the United States does not embrace blockchain technology, international competitors will continue to innovate while the US is left behind.
Related: Stablecoins essential for US dollar’s future, says Paxos CEO
2024 election outcomes for pro-crypto lawmakers and anti-crypto lawmakers. Source: Stand With Crypto
Stablecoins will preserve US dollar as reserve currency
Lee Bratcher’s focus on the geostrategic implications of ignoring blockchain is reflected in his stance on stablecoins, which Bratcher characterized as the “Killer app” for blockchain technology alongside Bitcoin (BTC). The blockchain policy advocate argued:
“Stablecoins are an incredibly efficient way to move money across the world and borders, with the added benefit of creating increased demand for US treasuries. Stablecoins will prolong the dollar as the world reserve currency. So that’s great for the United States.”
Several cryptocurrency and blockchain legislative bills are on the blockchain advocate’s radar, including Senator Bill Hagerty’s Clarity for Payment Stablecoins Act of 2024 and the Financial Innovation and Technology for the 21st Century Act (FIT21).
Hagerty’s bill aims to create a comprehensive framework for dollar-pegged stablecoins, while FIT21 — which passed in the US House earlier in 2024 — is a market structure bill that will clearly define which digital assets are commodities and which are securities.
Magazine: Lawmakers’ fear and doubt drives proposed crypto regulations in US
This article first appeared at Cointelegraph.com News
