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In a letter to the Director of the National Economic Council (NEC), seven Members of the U.S. Congress have requested to include blockchain technology in Trump Administration’s initiatives on emerging technologies.
The US authorities have been clashing with the blockchain community for as long as the technology has been out. With the SEC still unclear on whether to consider some tokens securities or not and the Trump administration not supporting cryptocurrencies, tokens and crypto exchanges, the technology has been held back to say the least.
The job of the National Economic Council is to advise the president’s office on domestic and global economic policy. It resides within the Office of Policy Development and is part of the Executive Office of the President.
One of the letter’s initiators, Rep. Darren Soto, stated the following:
“Blockchain has the profound potential to benefit society and be a driver of economic growth. It is crucial we continue to be informed on new initiatives and educate Congress and other government agencies on the impact of these emerging technologies. I’m proud to take bipartisan action in promoting blockchain.”
Congressman Trey Hollingsworth, Darren Soto, Bill Foster, Tom Emmer, Ted Budd, Josh Gottheimer and David Schweikert are some of the names from the Congressional Blockchain Caucus who supported this letter. In the letter, the congressmen urged the Trump administration to include blockchain “in the initiatives the Administration intends to promote on emerging technologies.”
Demand for a Blockchain Forum, More Clarity
Furthermore, the letter also urges the NEC Director Lawrence Kudlow to hold a blockchain forum. The letter conveys the sentiment of the majority of the blockchain community regarding the treatment that the technology has received so far from the authorities. Mainly, the push is for clarity in regulation for cryptocurrencies and blockchain technologies. The letter also stresses the importance of the supporting the ongoing developments and innovations in the industry instead of treating it like a foreign idea.
The letter reads:
“As such, we strongly urge the Administration and the National Economic Council to convene a forum for stakeholder input and support this emerging technology through its inclusion in its efforts to promote ‘investments in the cutting-edge industries of the future’.”
The letter also underscores the need to educate US lawmakers and agencies on the impact of emerging technologies like blockchain since it has the potential to be a drive for economic and social growth.