Originally published on: November 08, 2024
Lee Bratcher, the esteemed president of the Texas Blockchain Council, is at the forefront of championing blockchain technology in the United States. Through his continuous efforts to engage with US lawmakers, Bratcher has uncovered a notable barrier hindering the widespread acceptance of blockchain technology — a lack of understanding and literacy in this innovative field.
In an exclusive interview with Cointelegraph, Bratcher disclosed that the apprehension among lawmakers is not rooted in resistance to progress but rather in a dearth of knowledge about blockchain technology, especially among older generations. According to Bratcher, the solution lies in enlightening lawmakers about the potential benefits of embracing blockchain, emphasizing that failing to do so could risk falling behind international competitors in the realm of innovation.
Bratcher’s emphasis on the strategic implications of neglecting blockchain technology is evident in his strong advocacy for stablecoins, which he views as the “killer app” of blockchain technology alongside Bitcoin. He believes that stablecoins hold immense potential and could revolutionize the financial landscape if embraced effectively.
The blockchain policy expert is closely monitoring various cryptocurrency and blockchain legislative proposals, including Senator Bill Hagerty’s Clarity for Payment Stablecoins Act of 2024 and the recently passed Financial Innovation and Technology for the 21st Century Act (FIT21). Hagerty’s bill aims to establish a robust regulatory framework for dollar-pegged stablecoins, while FIT21 seeks to provide clarity on the classification of digital assets as commodities or securities.
As the landscape of crypto regulations continues to evolve in the US, driven by lawmakers’ apprehensions and uncertainties, it is crucial to stay informed about the latest developments. Subscribe to the Law Decoded newsletter for timely updates on crypto laws and guidelines to navigate your crypto ventures wisely. Arm yourself with knowledge and make informed decisions in this rapidly changing regulatory environment.
