According to Cointelegraph, Lee Bratcher, President of the Texas Blockchain Council, is a prominent advocate for blockchain technology in the United States. He has been actively engaging with US lawmakers to address the regulatory challenges facing the blockchain industry. Bratcher identifies a significant lack of education as the primary barrier to the acceptance of blockchain technology among lawmakers, particularly those from older generations. He emphasizes that the hesitation is not due to an aversion to innovation but rather a lack of understanding of the technology.
Bratcher suggests that the key to overcoming this apprehension is to educate lawmakers on the importance of embracing blockchain technology. He warns that if the United States fails to adopt blockchain, it risks falling behind international competitors who continue to innovate in this space. Bratcher's advocacy extends to the strategic implications of blockchain, particularly in relation to stablecoins, which he describes as a "killer app" for the technology alongside Bitcoin (BTC). He argues that stablecoins offer an efficient means of transferring money globally and can increase demand for US treasuries, thereby reinforcing the US dollar's status as the world reserve currency.
Bratcher is closely monitoring several legislative bills related to cryptocurrency and blockchain. Among these is Senator Bill Hagerty's Clarity for Payment Stablecoins Act of 2024, which seeks to establish a comprehensive framework for dollar-pegged stablecoins. Additionally, the Financial Innovation and Technology for the 21st Century Act (FIT21), which passed in the US House earlier in 2024, aims to clearly define the market structure by distinguishing between digital assets that are commodities and those that are securities. These legislative efforts reflect ongoing attempts to address the regulatory uncertainties surrounding blockchain and cryptocurrency in the United States.
