National Blockchain Policy Not Needed, Says ‘Crypto Mom’
As far as the titular “crypto mom” of the U.S. Securities Exchange Commission (SEC) is concerned, she has a note of caution to offer. It is basically in response to an industry lobbyist’s idea of proposing a national strategy for the blockchain technology. Here is everything about it in a nutshell.
Prioritizing Blockchain Technology
According to the official report, the Digital Chamber of Commerce’s National Action Plan wants the federal government to prioritize the aforementioned technology. The only way to make this possible is by publicly supporting its development in the space. Even more so, the government should be hell-bent in adopting a formal and much lighter regulatory approach.
By doing all the above-mentioned processes, it is possible to create precise policies and regulations, all of which are based on what the technology is capable of doing. More importantly, it could help prevent the so-called “regulatory patchwork” through coordinating all efforts coming from both state and federal.
Perianne Boring, the founder of the Chamber, believes that the only way for the United States to become a leader in advanced technology is for them to take action. Her words echoed as she spilled her opening remarks at a recently-concluded D.C. Blockchain Summit, which the organization put up. For Boring, it is high time for the country to have a national strategy for the blockchain.
The Chamber founder even talked about the action plan during a conversation with SEC Commissioner named Hester Peirce. It is worth noting that Pierce is known for her dissenting vote to approve the world’s leading crypto Bitcoin with ETF last year, allowing her to earn the nickname “crypto mom.”
‘Crypto Mom’s’ Proposal
Pierce said that she totally understands and appreciates the action plan. She even said it is “helpful” in one way or another. However, she could not help but talk about some caveats relating to the effort.
For starters, Boring questioned the different types of action needed by the government. The Commissioner, on the other hand, responded that there is a need for innovation to rise directly from the private sector.
When trying to obtain national plans, Pierce believes that people would initially think it is better to coordinate them from the government directly. Unfortunately, this type of scenario has proven to be unfruitful.
Pierce said that it is important to come up with clear regulatory guidelines. It is not really essential to let the community know where exactly the government stands. It is rather better to allow people to do what they have in mind and, more importantly, not indulge in having too much government partnership with the private industry.