United States pro-crypto Congressman Warren Davidson (R-OH) has once again called for clear regulations of blockchain industry to maintain U.S. economic dominance.
On Nov. 4, Davidson published a letter in the Wall Street Journal in response to an Oct. 24 report on automation in manufacturing. The congressman urged the U.S. government to encourage innovators to stay in the country. The letter read:
“If we allow fear to stifle their efforts, we risk surrendering global superiority and sacrificing improvements in quality of living.”
Rust-belt woes in the face of changing manufacturing
The report to which Davidson was responding focused on concerns that robots and artificial intelligence were taking jobs from U.S. workers. Commenting on manufacturing in the Midwest, it reads:
“[T]here is compelling evidence that factory automation swung three key Rust Belt states — Michigan, Wisconsin and Pennsylvania — in favor of Donald Trump in the 2016 election.”
Davidson’s letter expressed similar concerns that Americans were letter fears in the face of blockchain innovation prematurely shut down the market.
Davidson — who represents Ohio’s 8th district and is a member of the congressional steel caucus — is optimistic that the improvements crypto technology can bring to manufacturing will outweigh the cons. He told Cointelegraph:
“From improving capital formation, supply chain logistics, reinventing shop floor operations, product identification and traceability, U.S. manufacturers could stand to harness the power of blockchain to unleash incredible innovation and manufacturing growth.”
Sharing skepticism about Facebook’s Libra project
In the letter, Davidson emphasized that a number of industry-related companies are already moving in countries such as Switzerland, seeking a friendly regulatory ecosystem.
While sharing some of his colleagues’ skepticism about Facebook’s proposed Libra project, Davidson claimed that he treats their fear of blockchain and crypto “shortsighted.” According to Davidson, by deterring initiatives in the industry, the U.S. government risks is “surrendering global superiority and sacrificing improvements in quality of living” just in order to preserve the status quo.
Davidson urges passage of the Token Taxonomy Act reintroduced in April
In a tweet on Nov. 5, Davidson expressed hope that his colleagues in the House Committee on Financial Services can find a way to fight their fear of blockchain so that the U.S. can “maintain technological and economic dominance.” Urging passage of the Token Taxonomy Act, reintroduced in April 2019, the congressman wrote:
“In the midst of technological change, consumers, innovators, and investors need regulatory certainty to keep America’ economy working for them. FinTech is just one example…”