PITTSBURGH, PA — In an age where it seems technology seizes every opportunity to astound, a fresh wave appears on the technological horizon – one steeped in the arcane worlds of blockchain and cryptocurrency. A voice is rising from the heartland, warning of the implications if America doesn’t seize this moment.
Dave McCormick, candidate for the U.S. Senator from Pennsylvania, addressed this topic with clarity and vigor in a recently penned op-ed. McCormick, who once helmed a software company during the technology-inspired rebirth of Pittsburgh, understands the seismic shifts underway. He is eager for America to grab the reins of the future, not passively concede them to competitors abroad.
Picture a transparent ledger detailing every transaction with value. That’s blockchain. Imagine using this technology to facilitate online transactions between individuals. That’s cryptocurrency. These two sides of a fascinating coin offer tremendous opportunities for American innovation and economic vitality.
McCormick argues that these technologies chime with cherished principles such as individual freedom, limited government, and privacy. They drive down the reliance on powerful intermediaries, often pricey, making the financial system more approachable. While the dominion of transactions is made public, the anonymity of account holders is preserved, offering privacy to legal accounts while scrutinizing illicit transactions.
Envision by 2030, an industry bullish on blockchain and crypto, supporting up to 4 million jobs. Pennsylvania cities, like Allentown and Philadelphia, could savor the benefits of a booming blockchain and crypto ecosystem.
But it’s not just the economic engine these technologies fire up that matters. American leadership in blockchain and crypto is pivotal to our economic and national security. A crucial strength of American prosperity is the status of the dollar as the globe’s reserve currency. Crypto markets and the U.S. dollar must maintain the link to ensure the primacy of the dollar.
Blockchain also equips us with new tools to combat financial crimes and deter malign actors. Traceable and transparent ledgers facilitate law enforcement in identifying illicit accounts. U.S. based crypto exchanges, bound by U.S. laws, must adhere to anti-money laundering standards and sanctions.
The stakes are high. China has its eye set on leading in blockchain, threatening to capitalize on this opportunity. And, if China manages to do so, it could pose serious national security risks. Meanwhile, Congress gridlocks as other countries, such as Japan and Singapore, are formulating their own regulatory frameworks.
Our equivalent efforts are gathering dust in the Congressional docket, exacerbated by SEC Chairman, Gary Gensler’s overreach into stifling crypto innovation. McCormick exhorts Congressional leaders to act prudently and swiftly. They must support bipartisan efforts like the Financial Innovation Act for the 21st Century, creating necessary guardrails that protect consumers and cultivators of innovation alike.
McCormick, a former CEO of one of the world’s largest investment firms, is candid about the risks posed by regulatory uncertainty. He states that he is running for the Senate to ensure American innovators receive the regulatory clarity needed to thrive. For Pennsylvania and America to remain at the vanguard of technological innovation – cryptocurrency and blockchain are the next waves we must master.
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