July 17, 2023
America Is Missing a Big Opportunity on Blockchain
Over the past year, with high-profile cases of fraud plaguing cryptocurrency ventures such asFTX and Terra Luna, financial regulators around the world have aggressively looked to rein in bad actors in the crypto-asset marketplace. But some policymakers also seem to have dismissed blockchain—the decentralized digital ledgers that serve as the foundation for cryptocurrencies. The White House has followed suit. In March, the Economic Report of the President devoted 30 pages to arguing against any positive use of cryptocurrencies and the technologies behind them. Some of Washington, it seems, has a one-dimensional strategy for blockchain: Stay away from it.
China and Russia, in their quest to combat U.S. economic power, are developing and implementing blockchain-based digital ecosystems.
Yet it’s myopic for the Biden administration to dismiss blockchain outright. Fundamentally, blockchain is a technology that enables data to be verified and transmitted dynamically across networks rather than through single, linear points of transmission. That technology cannot be ignored at a time when data—and how it is maintained and leveraged—has become critical for technological advancement and strategic global competition.
Read the full article from Foreign Policy.
More from CNAS
-
Game Over?
Reports
The trade wargame suggests that sustained high tariffs could create leverage and urgency to spur action toward a productive restructuring of the international trade system....
By Emily Kilcrease & Geoffrey Gertz
-
Video
Indo-Pacific Security / Energy, Economics & Security
Trump Hits India with 25% TariffThere have been signs of trouble in the U.S.-India talks, according to a Lisa Curtis from the Center for a New American Security, joining Bloomberg TV, including the U.S. want...
By Lisa Curtis
-
Editor’s Pick: How Economic Warfare Impacts Energy
Podcast
This week, we’re revisiting a conversation Jason Bordoff had with Eddie Fishman, adjunct senior fellow at the Center for a New American Security, about his book Chokepoints: A...
By Edward Fishman
-
Ziemba: Oil Markets in ‘Show Me the Outage’ Mode
Video
Oil rose a second day on optimism over US trade talks ahead of next week’s deadline, and as tightness in diesel markets boosts sentiment. Rachel Ziemba, adjunct senior fellow ...
By Rachel Ziemba
