The Chamber of Digital Commerce released recommendations and asked the government to promote blockchain through supportive public statements. Additionally, the advocacy group asked government agencies to coordinate with one another to develop policies, guidance and regulations for blockchain.
In the past, the U.S. government primarily has issued warnings for blockchain, rather than statements of support, according to the Chamber of Digital Commerce .
The advocacy group recommended the U.S. government take a “light-tough regulatory approach” to blockchain, which is built on a decentralized platform, the report notes. The group also asked government agencies to clarify which laws apply to blockchain technologies and cryptocurrencies.
To give the technology more structure, the advocacy group recommended a “multitiered and multistakeholder structure of U.S. financial services regulation.”
The Chamber of Digital Commerce also advocated for blockchain’s potential to support cybersecurity, financial services, healthcare and supply chain processes.
U.S. lawmakers have been making legislative strides toward regulating blockchain. In October 2018, a bipartisan bill was introduced to develop a “consensus-based definition of blockchain,” according to Coindesk.
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