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
-
U.S.-China Trade Talks Return to ‘Fragile Ceasefire’ – Former China Director
Video
The United States and China say they've reached a "framework agreement" to avoid another 100% US tariff on Chinese goods. Officials have even been hinting of a trade breakthro...
By Liza Tobin
-
How to Choke Your Enemy: Why America Turned the World Economy into Its Weapon of Global Domination
Podcast
Edward Fishman, adjunct senior fellow at CNAS, joined host Andrew Keen to discuss how America has turned the world economy into its weapon of global domination. In his bestsel...
By Edward Fishman
-
Trump Hits Russian Oil with ‘Tremendous Sanctions’
Video
We are now learning that President Donald Trump’s Treasury Department will sanction Russia’s two largest oil producers, Rosneft and Lukoil. According to Trump, this continues ...
By Edward Fishman
-
Tariffs Are a Weaker Weapon than Trump Thinks
Commentary
This article was originally published in Financial Times. This past summer, Donald Trump’s faith in tariffs appeared vindicated. He sealed lopsided trade deals with the EU, Ja...
By Edward Fishman
