As a 501(c)4 organization dedicated to facilitating American leadership in blockchain technology, digital currency, and DLTs (Distributed Ledger Technologies) we are writing to affirm our support for the bipartisan legislative effort by Representatives Patrick McHenry (R-N.C.), Tim Ryan (D-Ohio), Kevin Brady (R-Texas), Ro Khanna (D-Calif.), Tom Emmer (R-Minn.), Eric Swalwell (D-Calif.), Warren Davidson (R-Ohio), Anthony Gonzalez (R-Ohio) and Ted Budd (R-N.C.). We strongly believe that digital infrastructure remains vital to our nation’s stability, economic competitiveness, and national security. Although this technology is still in its early stages, the American private sector and the free market have the opportunity to advance and integrate blockchain technology where it could be used to solve many of the problems facing our nation. This is only possible if a regulatory environment that fosters innovation and investment is created.

By requiring unprecedented regulatory compliance and over-taxation of the blockchain industry, this current provision in the infrastructure bill (now law) could single-handedly destroy and offshore America’s rapidly growing blockchain industry, as well as grant China supremacy in blockchain technology, DLTs, and cryptocurrencies. China has been developing its own Blockchain Service Network for years now using public-blockchain technology to build state-run infrastructure. In addition to this, China has been working on developing and implementing a Digital Yuan that allows the CCP full access and visibility into all transactions. America has an opportunity to introduce blockchain technology and digital currency that embodies the characteristics of free enterprise, democratization, and efficiency.

We hope that more members of the House and Senate will join this bipartisan effort of ensuring U.S. leadership in the next frontier of innovation. ABI strongly believes that Congress should seek a sound regulatory approach that promotes American led growth and responsible blockchain innovation, and this important legislation is a great step in the right direction to establishing a sound industrial policy for blockchain technologies and digital currency built on blockchain-based payment rails. We are extremely encouraged by the increasing bipartisan support for this vital issue for our country’s future and national security. We hope this proposal is considered by the U.S. Senate and voted into law.