A letter from Perianne Bolling, Founder and CEO of the Chamber, to Senator Sherrod Brown on February 20, 2024, reflects the industry's concerns. I am writing to you today after several attempts to secure the opportunity to meet in person to discuss pressing topics affecting the U.S. blockchain community, which represents more than 50 million American voters, including 2 million Ohioans."
In the letter, Bolling paints a frightening picture of the bill's potential impact, arguing that it could "destroy hundreds of billions of dollars worth of U. S. startups and wipe out the savings of countless Americans who have legally invested in this asset class.
The Chamber also criticizes the bill's unrealistic requirements, comparing them to an impossible scenario for #ink manufacturers.
The Chamber argues that the legislation has not only economic but also strategic implications. Emphasizing the geopolitical implications, Bolling says, "This bill will result in leadership in the digital economy being ceded to China, Russia, North Korea, and Iran.
The House letter also emphasizes the disconnect between the bill's intentions and its potential impact, accusing some committee members of not understanding the scope and implications of the bill. "It is deeply troubling that committee members have intentionally misled the public about the impact and purpose of S. 2669," Bolling argues in the letter.
This legislative battle is unfolding against a backdrop of rapid technological advances and an evolving digital economy. The U. S. is at a crossroads, and the course of this debate could have a major impact on the country's position as a leader in the global digital marketplace. " The Digital Chamber of Commerce's campaign, backed by a call to action to the public through a petition, represents a turning point in the ongoing dialog between regulation and innovation.
At the time of publishing this article, the #cryptocurrency market totaled $1,882 billion and is currently testing the Fibonacci retracement level of 0.5 ($1,879 billion).
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