The U.S. Chamber of Digital Commerce, a blockchain advocacy group, encourages financial regulators to boost blockchain innovation in the country. This was made known in an official tweet on the 19th of February.
Blockchain Advocacy Group’s Encouragement To CFTC and CFPB
The blockchain advocacy group encourages the Commodity Futures Trading Commission (CFTC) and the Consumer Financial Protection Bureau (CFPB) to boost cryptocurrency and blockchain innovation in the United States this week. The chamber also admonishes the two agencies to permit the introduction of new financial products based on blockchain technologies to collaborate on efficient approaches that would promote investment and industry growth.
The letter of the chamber to the CFPB entails encouragement to apply available tools for supporting innovations, such as no-action letter and so-called “sandboxes”. The advocacy group further emphasised its commitment to supporting any U.S. policy that eliminates unnecessary burdens to get access to decentralised tools and stimulate relevant studies. Also, the group is focused on promoting coordination among different regulatory bodies.
In its letter to the CFTC, the group commends the previously launched initiative of the commission, known as labCFTC which examines fintech innovations. The chamber also endorsed the commitment of CFTC to learning more about Ethereum [ETH] network and the possibility to elaborate a framework for the production of ETH derivatives.
Crypto and Blockchain Adoption in The U.S.
The chamber of digital commerce had made a call to the United States government to implement a national action plan on blockchain earlier this year. The tenets of the group entail the belief that blockchain offers great transformation benefits for businesses, government and consumers at large. Thus, the United States of America need to fully embrace a national strategy on decentralised technology as a leading country in technology.
In recent time the legislative arm of the U.S. government has been making efforts to implement appropriate regulations for crypto and blockchain industries in the country. This is because it is essential for annexing the dividend of the industry for the government and its citizens.
Recently, the CFTC noted that cryptocurrency forms a focal point of its purview this year among others. This involves internal examinations on cryptocurrency surveillance practices as well as other market and trading surveillance which include real-time monitoring. Also, CFTC commissioner, Brian Quintenz stated that the participants in the crypto industry should create a self-regulatory structure where they can discuss the legal framework and examine or audit the field.
The year 2019 should probably see more crypto adoption and appropriate regulations for the industry in the U.S., as the country aims to annex the dividend of the industry.