Former New York State senator David Carlucci.
New York State Senate website
There was a time when Democrats were the undisputed party of innovation. We defended the internet and sent a man to the moon. But with regard to blockchain technology, we are in danger of remaining reactionary and to put our values away as conversations develop in the congress.
The law on clarity and stable law, two bipartite bills which are now advancing in Washington, represent a serious effort to forge a thoughtful regulatory environment where blockchain and digital assets can prosper. These proposals provide the type of clarity that innovators, investors and consumers have requested. They would provide clear definitions, have complete rules for stablecoins which will revolutionize digital payments and create compliance paths that protect consumers against fraudsters without crushing innovation.
These invoices are not perfect. But they represent a step forward. Democrats must remain committed and help shape these policies or our values will be left to the door.
For years, politicians have been wary of blockchain. The concerns about volatility, environmental impact and criminal activities have dominated the story. But too often, we failed to separate technology from titles. The blockchain itself is neutral. Whether US dollars or bitcoin are involved, a crime is still a crime. What matters is the way we choose to release the potential of technology – and who benefits.
For these reasons, it is time for Democrats to fully engage in the development of these policies and to support these bills when they come for a vote. These main elements of the legislation on the block chain opened the door to the Bipartite collaboration. The Democrats of the two Congress Chambers should cross it.
From the expansion of financial access to consumer protection, the values of our party align with the best of what blockchain can allow. With thoughtful and well -designed rules, we can reduce our dependence on obsolete and expensive financial products, higher obstacles to entrepreneurship and create new ways to generational wealth – especially for communities that have long been excluded.
Clarity and stable acts are vehicles for this type of collaboration bipartite rarely seen in today’s political climate. By supporting and improving these proposals, democrats can guarantee that the future of blockchain reflects the objectives we defend: fair markets, transparency, democratization of resources and economic inclusion. Blockchain can also modernize government operations and make it work more efficiently, ensuring that our agencies provide better services for people who need it most.
New York has long been a global financial power – and the Empire State also emerges as a blockchain leader. According to the US Blockchain Coalition State of Web3 report, more than 2,400 blockchain companies have settled here and attracted more than $ 10 billion in private investment. These companies have obtained more than $ 19 million in federal contracts and research grants for blockchain applications in finance, cybersecurity and public infrastructure.
But without a clear and predictable regulatory environment, many startups are faced with incalculable legal risk and uncertainty. They will be forced to interpret the contradictory signals of regulators, to comply with obsolete laws or to move to less confused courts abroad.
Large stretches of the American public – especially young people – be careful. According to a Harris survey leading to the elections of last year, one in three American people now says that the position of a candidate on the crypto could influence their vote. For generation Z and generation Y, this number is even higher.
If the Democrats hope to extend our coalition and maintain our credibility as a party of progress, we must meet people where they are – and this understands support for the education and adoption of blockchain.
Let’s work in the aisle to pass intelligent and pro-innovation policies. Make sure that the blockchain era is built on inclusion, transparency and equity. And let us clearly indicate that the Democrats still believe by shaping the future – not only by reacting to it.
David Carlucci, Democrat, is a former senator from New York State and co-founder of the New York Blockchain Council.
