In an address at the Permissionless II conference, US Congressman Tom Emmer urged the blockchain industry to shift its focus towards innovation—asserting that the technology is key to authenticating content in the AI era.
Emmer’s remarks come in the wake of recent legal victories for Ripple and Grayscale, with the prospect of an upcoming Supreme Court ruling that could reshape the regulatory landscape.
During a panel discussion, Congressman Emmer began by acknowledging the ongoing legal battles within the industry and cautioned that the outcomes of cases like Ripple and Grayscale still hang in the balance due to possible appeals. However, he cryptically hinted at an impending Supreme Court ruling that he believes could significantly impact governmental authority.
Emmer seemed to allude to the case of Loper Bright Enterprises vs Raimondo, a challenge to the Chevron Deference doctrine established in 1984. This doctrine mandates that courts defer to government agencies when interpreting unclear legislation, a point of contention in the emerging blockchain industry.
Emmer stressed the need for the blockchain industry to raise awareness and show how the technology can solve problems, especially around trust in the authenticity of content, asset ownership, and improving the financial system.
The congressman noted that more colleagues than ever before have been educating themselves about cryptocurrency but emphasised that there’s still room for improvement in their understanding.
To effect meaningful change, Emmer advocated for a shift in narrative, suggesting that AI could play a pivotal role. He highlighted the increasing concern in Congress about distinguishing “what’s real and what’s false” in the digital realm and proclaimed, “The technology in digital assets is the authenticator.”
Emmer also expressed frustration that the industry has been distracted by issues like FTX – commenting that the situation is not unique and “a fraud as old as finance” – which is diverting attention away from the innovative potential within the space.
In Congress, Emmer co-sponsors the Financial Innovation and Technology for the 21st Century Act and the SEC Stabilization Act. These legislative efforts could potentially lead to the dismissal of Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC) who has often been accused of being counterproductive and driving Web3 innovation outside of the US.
The viewpoint of potential regulatory overreach, it’s worth noting, is shared by some SEC commissioners:
As the cryptocurrency industry continues to evolve, Emmer’s call for a change in narrative towards innovation and the recognition of blockchain as a tool for authenticating content in the AI era may resonate with stakeholders and policymakers alike.
The upcoming Supreme Court ruling could also prove to be a turning point in the ongoing dialogue around cryptocurrency regulation in the United States.
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