Blockchain Technology and Lawmaker Apprehension
Blockchain technology has been gaining momentum in the United States, but a lack of understanding among lawmakers is hindering its widespread adoption. Lee Bratcher, the President of the Texas Blockchain Council, emphasizes the importance of educating legislators about the potential of blockchain technology.
According to Bratcher, the recent election outcome provided some relief for the industry, but there is still a long road ahead in terms of regulatory acceptance. Lawmakers, especially from older generations, lack the necessary knowledge about blockchain technology, leading to apprehension and reluctance to support it.
The Role of Stablecoins in Blockchain Adoption
Stablecoins are highlighted as a pivotal tool for blockchain innovation, with Bratcher labeling them as the ‘Killer app’ alongside Bitcoin. The efficient cross-border transfer capabilities of stablecoins could enhance the demand for US treasuries, thus extending the dollar’s reign as the world reserve currency.
Legislative bills such as Senator Bill Hagerty’s Clarity for Payment Stablecoins Act of 2024 and the Financial Innovation and Technology for the 21st Century Act (FIT21) are crucial in defining the regulatory framework for digital assets.
Driving US Competitiveness Through Blockchain
Bratcher urges lawmakers to embrace blockchain technology to ensure the US remains competitive globally. By fostering a better understanding of blockchain’s potential, legislators can pave the way for innovation and economic growth in the digital asset space.
