In line with Ripple’s director of Regulatory Relations named ‘Ryan Zagone’, at the consensus 2019 conference on 14th May, technology must be a national issue for the U.S., with digital assets and blockchain technology to be recognized all over the world.
Zagone added that the technology must be a national security issue for the ‘United States‘ to make sure that the country is among the leaders and isn’t dependent on foreign innovators.
Explaining further, he added:
“There is an ongoing broad discussion within Washington around 5G being dominated by foreign companies and therefore the Unites States being dependent on foreign technology and foreign expertise… With blockchain and crypto assets, i feel there is a recognition now that these are going to be a part of our future infrastructure… It’s necessary both for national security and from an economic perspective, that the U.S. is known as a leader within this.”
Recently in April, the legislators also reintroduced the Token Taxonomy Act, that would exclude ‘cryptocurrencies‘ from being classified as a security. The act additionally pursues the introduction of restrictive certainty for businesses and regulators within the U.S blockchain business, furthermore as clarifying conflicting state initiatives and restrictive rulings that have confused this problem.
Additionally, the announcement calls attention to the growing strength of digital asset markets as well as the blockchain industry within Europe and China, and states that this Act is important so as to keep the U.S. competitive within the international market.
As ‘reported‘ earlier in March, the total number of lobbies operating on blockchain technology issues in Washington D.C. tripled last year, reaching about 33 projects within the Q4 of 2018 compared to 12 within the same period of 2017. Jerry Brito, director at the non-profit organization Coin Center, advised that the expansion is driven by securities regulation.