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GOP Congressman Tom Emmer Sheds Light On Blockchain Technology And Cryptocurrency

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As the blockchain industry and the cryptocurrency market rages on, the United States government is still divided when it comes to these technological innovations. That divisiveness was recently manifested through congress disagreements in the hastily-inserted crypto regulation portion of Biden’s infrastructure bill. 

A group of bipartisan leaders have already united in their push to amend the carelessly-worded clause in the infrastructure bill that will cripple the crypto industry in America. 

Last week, Neel Kashkari, president of the Federal Reserve Bank of Minneapolis stated that cryptocurrency is a payment method that only criminals prefer to use. Republican congressman Tom Emmer responded swiftly to Nashkari’s baseless claims, citing the greenback as the favorite medium of payment for illegal negotiations.

“Crypto-based crime represented only 0.34% of the entire transaction volume in 2020. Unfortunately, most crime is still conducted with the cash you print,” Emmer tweeted immediately.

Now is the high time for our country to ride this wave while it is still at its earlier stages. The U.S. is well-known for its stature as a world leader in the field of science and technology and we can fill the void left by China’s tyranny against cryptocurrency. 

In his official website, the GOP governor shed some light on what our nation needs to do to make blockchain technology and cryptocurrency thrive in the United States.

“For the future of blockchain, Decentralized Finance (DeFI), and America’s support for innovation and emerging technologies, it’s imperative that we provide the framework for this technology to thrive, without being limited by outdated rules and overregulation,” Emmer said.

“The United States should prioritize accelerating the development of blockchain technology and create an environment that enables the American private sector to lead. These technologies hold untold promise for our economy and for all Americans, and we should be embracing them,” Emmer added.

Experts in the field are very supportive of Emmer’s initiatives and have given him unconditional backing.

“Now more than ever, it is vital that we develop regulatory clarity for blockchain developers and service providers in the United States. As the recent infrastructure bill debate proved, the existing lack of clarity is a serious risk to ongoing growth and innovation in the blockchain and digital asset industry which must be addressed. The Chamber strongly supports this bill, which will help create a more hospitable environment for innovators and encourage growth where inconsistent state and federal legislation has hampered the growth of our industry,” said Perianne Boring, Founder and President of the Chamber of Digital Commerce. 

“The Blockchain Association is proud to support the reintroduction of the Blockchain Regulatory Certainty Act. By providing commonsense regulatory guardrails, this legislation goes a long way in ensuring the U.S. remains at the forefront of crypto innovation,” said Blockchain Association Executive Director Kristin Smith. 

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