The Blockchain Advocacy Group is urging Congress to get it together

The Chamber of Digital Commerce has issued a congressional call to action to prioritize moving a legal framework for crypto forward.

The advocacy group is asking Congress to establish a “Digital Asset and Blockchain Technology Solarium Commission” to create a comprehensive policy package. The commission’s proposal builds on President Dwight D. Eisenhower’s policy when “Project Solarium” was launched to address national security concerns during the Cold War.

More recently, Congress mandated the bipartisan Cyberspace Solarium Commission in 2019 to improve cyber defense strategies.

“Our allies and adversaries’ advances in blockchain and digital assets threaten US leadership and dominance across next-generation finance, trade, business and other verticals while the US sits idly by – effectively pushing industry overseas,” the chamber wrote in a statement Thursday.

A consensus among a number of bipartisan lawmakers has emerged: crypto-oriented businesses are leaving the US, but political parties have different ideas about why.

Rep. Stephen Lynch, D-Mass., said crypto companies, especially stablecoin issuers, are trying to go to the area of ​​least regulation.

“A race to the bottom is the norm for this industry,” Lynch said Thursday morning during the House Financial Services Committee Digital Asset Subcommittee on Digital Asset stablecoin hearing.

Their goal is to “escape regulation,” he said.

Other lawmakers, namely Warren Davidson, R-Ohio, have countered, challenging that crypto companies are indeed going offshore in search of more regulatory clarity, lacking precision when it comes to U.S. industry oversight.

In its call to action, the Chamber of Digital Commerce highlighted the work other countries are doing to advance crypto policy. South Korea has invested close to $45 billion to advance its “Digital New Deal,” while Japan is miles ahead of the United States on stablecoin legislation, the chamber said.

“A commission will provide collaboration and leadership from government, industry and academia for the future of the industry’s development,” the chamber added. “We believe an effort of this magnitude is essential in today’s divided Congress, and we call on all members of the 118th Congress to support it.”

The Chamber of Digital Commerce has already drafted bills, which will be released soon, and has sponsors “lined up,” Cody Carbone, vice president of policy at the Chamber, told Blockworks.

The commission is “a unique approach to counter the stalled/political efforts we’re seeing right now,” Carbone added.

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