Ted Budd, the representative of North Carolina and a member of the Blockchain Caucus as well as the financial services group of the House, has persuaded lawmakers to adopt decentralized innovation. He has warned the authorities against pushing blockchain technology offshore.
He acknowledged, while talking to Chris Cameron from MakerDAO (a decentralized autonomous organization) on 29th July, that crypto has become a significant concern for lawmakers. He further stated that there are two viewpoints dividing people between the House and Senate side, particularly in the case of blockchain, currency, decentralized finance (DeFi), and its evolution.
He added that the point of focus is whether it would pose any threat to national sovereignty? Will the dollar be destabilized by it in any case? And is it influencing national security? He further discussed that there are people in the House who would consider blockchain to be a financial 9/11; however, their concerns are short-termed. He expressed that the competitors might take advantage of the situation if the native lawmakers turn hostile against the digital assets by excluding them.
He advised that there is a requirement for the authorities to be flexible toward the matter and participate in the technological advancement of the United States. Moreover, he described blockchain as a newly emerging technology that would evolve, and the suitable venue for its evolution is the U.S. rather than Singapore or the rest of the nations that could go against the country.
In response to a question asked by Cameron stating inquiring how lawmakers can be better engaged in a decentralized entity, Budd admitted that the majority of the decentralized projects don’t know about whom to talk to access the regulators. He revealed that there is undoubtedly much innovation; nonetheless, there is not good coordination, particularly concerning government affairs. He encouraged DAOs to make schedule conferences with lawmakers. Furthermore, he said, he and the other lawmakers are accessible if the questions are rightly asked well before the time.
The conversation was conducted as a result of high-level scrutiny of stablecoins on behalf of the lawmakers and Janet Yellen (the Treasury Secretary of the United States) being called for a big oversight of regulatory regarding stable coins on 19th July. On 27th July, Michael Hsu (Currency’s acting Comptroller) announced about the investigations to scrutinize Tether’s supposed commercial paper reserves.