The United States has a huge opportunity to embrace blockchain technology, Web3 and crypto through legislation under a changing political landscape, Representative Bryan Steil said during a Feb. 26 interview.
“My broader philosophical goal here is [as a policymaker]: How do we make sure that the United States is in a position to out-compete the rest of the world?” Steil said in an interview with Chainlink Labs.
“And while we do that, there are reasonable consumer protections and focusing on making sure that we are the leader in this environment,” he added. Steil is the current chairman of the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence.
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The alleged huge opportunity stems, in part, from two bills that are already in the works: one to regulate stablecoins and another market structure bill that would be a strengthened version of the Financial Innovation and Technology for the 21st Century Act (FIT21).
According to Steil, the US has turned a corner after four years under Joe Biden’s government and former Securities and Exchange Commission Chair Gary Gensler. A former critic of digital assets, US President Donald Trump is now leaning into blockchain technology.
The cryptocurrency industry criticized the Biden administration for what came to be known colloquially as “Operation Chokepoint 2.0,” which targeted the debanking of cryptocurrency companies and the SEC’s policy of “regulation by enforcement” against Web3 businesses.
David Sacks, the Trump administration’s crypto czar, said stablecoins are a priority for the new administration, with the goal of bringing the fiat-pegged crypto onshore. Many stablecoins are pegged to the US dollar and backed by US Treasurys, making them a vehicle to increase global dominance over the dollar.
Stablecoins are among crypto’s most popular use cases throughout the world. In places with hyperinflation, crypto enthusiasts often buy stablecoins to retain the purchasing power of their money. Stablecoins are also used to settle transactions.
Steil noted that crypto has many interesting use cases, including facilitating cross-border remittances and other situations where transaction costs are significant, including real estate. Blockchain solutions to help with verifying identity might be helpful as well, as it could increase confidence in elections.
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