Ryan Zagone, Ripples’ Director of Regulatory Relations, spoke of the need for technology to be considered a national issue, with more focus on the blockchain and digital currencies, during the Consensus 2019 conference on held on May 14.
The reason why it is necessary to make technology as a U.S. national security issue is for the country not to rely on foreign innovators but to become a leader, according to Zagone.
“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.”
With the reintroduction of the Token Taxonomy Act by the legislators, the chances are that cryptocurrency would be excluded from being considered as a security.
Regulators and businesses operating in the U.S. blockchain industry will face restrictive regulatory certainty, and confusing and conflicting regulatory rulings and initiatives will be clarified in the Act.
During the announcement, stakeholders in the crypto world were called upon to attentively examine the increasing strength of the blockchain industry and digital asset markets in China and Europe. For that matter, the Act will help the U.S. not to lag behind but remain competitive in the global market.
Lobbies working on blockchain technology issues in Washington D.C. reached 33 projects in the fourth quarter 2018 up from 12 seen in a similar period of 2017 — which means the number tripled. The instituted securities regulation is what drove growth according to Coin Center (non-profit organization) executive director Jerry Brito.