Despite all the noise, hype, and confusion brought upon us by the “Fall of Saigon-like” FTX collapse, the United States federal government is still actively exploring the use of blockchain technology to modernize its operations and improve efficiency. By leveraging a distributed ledger system, the government may be able to create tamper-proof records of transactions, reduce costs associated with document management, streamline processes, and create a more secure environment for data storage and sharing.

In the 118th Congress, the bipartisan caucus is focusing on bringing greater clarity to the regulatory frameworks for digital assets, blockchain technology, and other digital assets. The members of this caucus are working to create policies that address the changing financial technology landscape while also protecting consumers and investors. Through their research and advocacy, they hope to create a better understanding and greater awareness of existing regulations to ensure that digital asset use and ownership are safe, secure, and appealing.

The importance of the dollar remaining a preferred currency has recently been brought front and center due to the recent increase in rapid inflation due to various effects caused by the COVID-19 pandemic and the government’s response. This conversation has only accelerated after Russia’s unprovoked invasion of Ukraine.

While the executive order doesn’t specify any policy recommendations or prescriptions surrounding blockchain technology, this is still the most significant regulatory development regarding cryptocurrency and blockchain technology at the Executive level of the US government.

China’s Communist Party has continued to be several steps ahead of the US in the development and implementation of blockchain technology for their own national interests both domestically and internationally. They’ve been careful and thoughtful while considering the risks and benefits of each and every aspect of the emerging blockchain ecosystem.

Former Acting Comptroller of the Currency under President Trump, Brian Brooks, who is now CEO of BitFury, shared his perspective on how regulated stablecoins in the U.S. are already winning the digital currency race with the CCP, despite any meaningful support from Congress and the current administration.

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 crypto.

While countries such as China have incorporated blockchain as a central part of their government’s plans for everything from domestic infrastructure to international trade, the United States government has been much slower to take advantage of the hundreds of blockchain-based solutions that currently exist today.

Although it is true the Chinese government is generally skeptical of open and free technologies operating within their own borders and out of the control of the CCP, it is a complete falsehood to say that China does not understand the benefits of blockchain technology or digital currency.

Recently, Mossad, the intelligence agency for Israel, has posted a job listing for a cryptocurrency expert. This recent development highlights a broader change that blockchain technology has had on both the Israeli economy and its national security apparatus. In 2019 alone, the Israeli blockchain industry grew by thirty-two percent.

Today, the Communist regime of Cuba announced they will recognise cryptocurrency as legal tender and will implement a regulatory framework. These regulations will likely target dissenters and will likely enhance the Cuban government’s ability to surveil and seize digital assets belonging to regime adversaries and dissenters.

Blockchain technology is built on cryptography and has been vital in the distribution of vaccines in two UK hospitals, where healthcare professionals were able to monitor in real-time the status and temperature of the Pfizer vaccine, which is vital to the distribution due to the sub-zero temperatures required for safe storage of the vials. This innovation was enabled by Hedera Hashgraph’s blockchain