As a seasoned researcher with years of experience delving into the complex world of blockchain technology, I wholeheartedly agree with Lee Bratcher’s insights on the regulatory landscape and geostrategic implications of embracing this innovative technology.
Lee Bratcher, head of the Texas Blockchain Council, is a prominent figure championing blockchain technology within the United States. Through his continuous collaboration with U.S. legislators, he has gained valuable insights into the existing regulatory environment, often highlighting the need for more education as the primary obstacle preventing widespread acceptance of blockchain technology.
During an interview with CryptoMoon, Bratcher pointed out that legislators’ hesitation isn’t mainly due to a dislike for new ideas, but rather stems from a lack of understanding about the emerging technology, which is more prevalent among older individuals. The President of the Texas Blockchain Council made this statement:
“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.”
As proposed by Bratcher, overcoming this concern can be achieved by convincing policymakers that failing to adopt blockchain technology could mean that global rivals will progress while the U.S. falls behind in innovation if we don’t act.
Stablecoins will preserve US dollar as reserve currency
Lee Bratcher emphasizes the significant geopolitical repercussions of disregarding blockchain, as demonstrated by his viewpoint on stablecoins. In Bratcher’s perspective, stablecoins serve as a crucial application, or “Killer app,” for blockchain technology, alongside Bitcoin (BTC). The advocate for blockchain policy maintains that:
“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.”
Attention is being focused on several proposed laws regarding cryptocurrencies and blockchain by advocates, such as Senator Bill Hagerty’s Clarity in Stablecoin Payments Act of 2024 and the Financial Innovation and Technology for the Modern Age Act (FIT21).
Hagerty’s proposal seeks to establish a detailed system for stablecoins linked to the dollar, whereas FIT21, previously approved in the US House in 2024, is a piece of legislation concerning market structure, which will provide clear distinctions between digital assets classified as commodities and those considered securities.
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2024-11-08 20:11