Lawmakers are pushing for a clear regulatory framework on blockchain and digital assets, warning that without action, the U.S. risks losing innovation to global competitors.
US Lawmakers Introduce Bipartisan Resolution Supporting Blockchain and Digital Assets
A bipartisan group of lawmakers has introduced a resolution in the U.S. House of Representatives to support blockchain technology and digital assets. On Feb. 5, House Agriculture Subcommittee on Commodity Markets, Digital Assets, and Rural Development Chairman Dusty Johnson (R-SD), along with Ranking Member Don Davis (D-NC), House Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence Chairman Bryan Steil (R-WI), and Ranking Member Ritchie Torres (D-NY), announced the proposal.
The resolution emphasizes the economic potential of digital assets, the need for regulatory clarity, and the role of blockchain in enhancing transparency and efficiency. It also warns that without clear regulations, the U.S. risks losing innovation to countries with more defined legal frameworks. Following the introduction, the lawmakers issued statements underscoring the urgency of regulatory action. “Currently, developers are faced with uncertainty because of a gap in the regulatory framework for commodities and securities,” Johnson stated, elaborating:
Digital assets need a regulatory framework to thrive in America. I look forward to working with Rep. Steil to bring clarity to digital assets.
Steil echoed the sentiment, stating, “Digital assets have tremendous unrealized potential. I am excited to join Congressman Dusty Johnson in formally recognizing the need for Congress to take meaningful action to build a regulatory environment that fosters innovation, protects consumers from fraud, and encourages the development of digital asset technology in the United States.”
Davis highlighted the transformative power of blockchain, saying: “Blockchain technology and digital assets are set to transform industries, enhance our financial system, and provide equitable access to financial services for everyone.” Torres reinforced the call for leadership, stating: “Blockchain technology and digital assets represent the future of innovation, economic growth, and financial inclusion.”
The resolution calls on Congress to establish a regulatory framework that balances innovation with consumer protection. It stresses that the U.S. must take a leadership role in digital asset development to prevent losing ground to other nations. The proposal highlights key goals, including fostering financial system improvements, expanding access to digital financial services, and maintaining investor protections while accommodating the decentralized nature of blockchain technology. If enacted, this resolution would mark a significant step in the U.S. government’s commitment to embracing digital asset innovation while ensuring regulatory safeguards.
