Ryan Zagone – Director of Regulatory Relations at Ripple – has claimed that technological expertise needs to be treated as a nationwide challenge in the US, with cryptocurrency and blockchain recognized inside that purpose.
Specifically, during his talk at the Consensus 2019 conference on May 14th, Zagone expressed that technology should be acknowledged as a national safety challenge, in order to reinforce the US’ leading position in the crypto scene, and will not necessarily depend on investors from outside of the country.
“There is a broad discussion in Washington around 5G being dominated by foreign firms and the U.S. being reliant on foreign technology and foreign expertise… With blockchain and crypto, I think there’s a recognition now that these will be part of our future infrastructure… It’s important both for national security and from an economic perspective, that the U.S. is a leader in that.” The Ripple executive claimed.
A re-invented Token Taxonomy Act, which has just been recently introduced by the US government, would include a de minimis tax rule that exempts cryptocurrency from being classified as security. The act also aimed to clarify the regulation for the compliance and enforcement of crypto statutes, and bring regulatory certainty to confusing rulings and initiatives established previously.
Furthermore, the Act called for attention to the rapidly rising power of cryptocurrency markets, as well as the Blockchain industry in China and the EU region, and concluded that the Act is a compulsory step, needs to be taken to maintain the US’ stance in the worldwide market.
Ealier, the number of cryptocurrency and blockchain lobbies has reportedly grown nearly thrice in the US capitol, Washington D.C. There were 33 active projects of crypto and blockchain lobbies in Q4 2018, comparing to 12 in the same period of 2017.