For the past century, the U.S. has reigned as the economic superpower of the world. The key to this sustained economic might is a regulatory environment that encourages and enables technological innovation. From semiconductors to personal computers to internet 1.0 and 2.0, U.S. companies have led in developing cutting-edge technologies because our country empowers its builders and creators. Unfortunately, when it comes to Web3 – the next generation of the internet built on blockchain, digital assets, and cryptocurrencies – we are trailing and are at risk of falling further behind.
In 2023, the European Union passed comprehensive cryptocurrency regulation [americanbar.org], and numerous meaningful provisions went into effect this past summer. China’s central bank has been promoting its digital yuan [forbes.com], which threatens the U.S. dollar’s role as the global reserve currency. The U.S. is just watching, while our…
