Over 40 States to Launch a United States Blockchain Coalition
On Monday, the Washington Technology Industry Association announced the launch of a United States Blockchain Coalition (USBC) – an organization established by more than 40 states to drive multistate collaboration across the blockchain and digital asset ecosystems. The move aims to help blockchain and crypto companies to increase their influence on legislation or policy developments.
USBC Launches to Promote Multi-state Collaboration Across the Blockchain Environment
More than 40 US states announced on Wednesday the launch of the United States Blockchain Coalition (USBC) – the first-of-its-kind institution created to “drive multistate collaboration and maintain American leadership in digital asset, Bitcoin, and distributed ledger technologies (DLT).”
Companies in the burgeoning digital asset, crypto, and DLT sectors often do not have enough individual influence to impact legislation or policy outcomes. To address this issue, representatives from Texas, Washington, California, Florida, Wyoming, and Pennsylvania, among other states, joined forces to launch an organization with a multi-state approach.
Through hyperlocal relationships, USBC would be able “to seek consistent policies at the state level through alignment on public policy and legislative priorities. “
Member states of the USBC plan to emphasize and classify use cases across the US, offer accessible education to lawmakers, build relationships with regulatory authorities, and look for new partnerships with industry participants, government, and investors to facilitate the sector’s growth in the country.
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USBC Can Prepare Blockchain Industry for the Next Growth Stage
The formation of the USBC comes in the wake of the remarkable growth of the blockchain and digital asset sectors in recent years. The nascent technology has gained widespread attention as it offers a secure, decentralized, and transparent way of storing and transferring data and value, with cryptocurrencies like Bitcoin and Ethereum becoming household names.
“The Bitcoin and blockchain industry is in a unique position – it has matured past infancy and is on the cusp of widespread adoption. Together, USBC members can lay the building blocks of what’s next for our industry and create a coherent operational environment for all states.”– said Lee Bratcher, Co-Chair of United States Blockchain Council and President of Texas Blockchain Council.
However, besides offering clear benefits, the technology also poses serious risks that must be addressed to maintain meaningful growth. These risks have been highlighted by a series of collapses and hacks in recent years, forcing global regulators to tighten their scrutiny of the industry to protect investors.
Do you think establishing an organization such as USBC was needed in the US? Let us know in the comments below.