The first of numerous hearings on the future of bitcoin and digital assets in America’s financial ecosystem was held on December 8th by the House Financial Services Committee.

The historic hearing helped listeners comprehend the need to go from a regulatory environment centred on protect-the-status-quo defence to one that unleashes an innovative economic attack based on the potential of the blockchain, according to Dr. W. Scott Stornetta, lead Board of Advisors.

He went on to say that this was only the first of many hearings and legislative debates to follow. The early innings, if you think, in a World Series with truly global implications. He  has more than a passing interest in how this game unfolds, and he believes he has a personal obligation to see the blockchain fulfil its initial promise, which is to witness an economy founded on blockchain’s values of integrity, transparency, and broadly shared accountability.

Todd White, the founder of the American Blockchain PAC, also believes that the diplomatic dialogue during the historic hearing on December 8th will set the tone for the establishment and implementation of new regulatory frameworks. This will eventually lead to the adoption of laws that will map the direction of digital assets and, as a result, decide America’s future destiny and position. The American Blockchain PAC is in a strong position to be the primary voice for the entire blockchain and digital asset ecosystem.

Kevin Mehrabi, American Blockchain PAC Advisory Board Member and Founder of Tezos DeFi, said that they, the DeFi entrepreneurs in the United States, share the same principles as the public workers who rule them and protect their national interests. Excessive regulation of DeFi will not help their national security, safeguard American consumers, or keep the US dollar as the world’s reserve currency. Such bold, broad strokes, on the other hand, will spur massive advances in subversive payment technologies, disenfranchise thousands of Americans from their only financial empowerment opportunity, and force the global market to pick a new non-USD stablecoin as the new denominational cornerstone of their global finance. 

Mehrabi explains that in reality, citing potential US regulatory risks, many DeFi ecosystem creators and participants are taking moves to embrace the Euro or even Gold as the cornerstone of this multi-trillion dollar ecosystem. As a friend to their national interests, he urges lawmakers to investigate this new world of DeFi technologies and enterprises.

Adelle Nazarian, American Blockchain PAC CEO on the same note added that as stablecoins grow more prevalent in our world’s marketplace, Congress will need to expand its digital strategy to keep America competitive and on the cutting edge of innovation. 

Because in his words, “When Americans prosper, the world prospers.”

About American Blockchain PAC

The American Blockchain PAC backs crypto-friendly Members of Congress and aims to create a new wave of Congressional candidates who believe in cryptocurrency-blockchain innovation and digital evolution. The American Blockchain PAC was formed to ensure that the government does not constrain future innovation, but rather fosters a climate of understanding. The organization’s mission is to promote and encourage digital asset and blockchain innovation in the United States, both now and in the future.

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