In the realm of digital evolution, the question of identity ownership emerges as a central theme, poised to redefine the very fabric of our online existence. Yet, in today’s digital landscape, the ownership of this crucial element remains a contentious issue, predominantly controlled by tech giants, whose implications are profound. In this age of rampant data exploitation and diminishing privacy, the need for a paradigm shift is palpable. Identity is central to everything we do in the future.

Without proper regulation, we risk perpetuating the same power imbalances that plague our current digital infrastructure.

This is where the call for legislative action becomes imperative. As we navigate the complexities of the digital age, the need for robust legislation that promotes privacy-enhancing technologies becomes increasingly apparent. It’s not merely about advocating for individual rights; it’s about shaping a future where the principles of autonomy and security are upheld in the digital realm. Legislation plays a pivotal role in laying down the groundwork for a fair and equitable digital landscape. By establishing clear guidelines for data ownership, privacy protection, and decentralized governance, lawmakers can pave the way for a more transparent and accountable ecosystem. Moreover, legislation can serve as a catalyst for innovation. By fostering an environment conducive to experimentation and collaboration, policymakers can fuel the growth of technologies that empower individuals and safeguard their digital identities.

In essence, the time for legislative action is now.

Blockchains, Inc. has been actively engaged in federal policy advocacy for the past three years, championing targeted legislation to empower individuals and businesses in the transition to a decentralized Web3 world, while maintaining America’s leadership in this emerging field. We are committed to advancing legislation that supports responsible industry growth, ensuring a secure economic and digital future.

“The U.S. led the internet revolution, but that revolution lacked a critical element–an identity layer empowering individuals to own their online presence. Blockchain technology plays a crucial role in owning your digital identity,” says Matthew Digesti, VP of Fintech & Digital Asset Technologies of Blockchains, Inc.  “Establishing clear regulatory frameworks for digital assets and digital identity is essential to ensuring this technology flourishes, giving us the option to own and control our digital experiences if we choose.”

Pictured from Left to Right: Peter Braunz, GenuBank; Sena Loyd, Blockchains, Inc.; Alex Chizhik, The Digital Chamber; James Lavish, Bitcoin Opportunity Fund; Matthew Digesti, Blockchains, Inc.

DC Blockchain Summit – May 15, 2024, Washington DC

On May 15, 2024 in Washington DC, Blockchains attended the DC Blockchain Summit hosted by The Digital Chamber where we heard resounding support for U.S. leadership in regulating and developing emerging technologies. The current landscape of U.S. data privacy laws presents challenges for businesses and with a lack of federal data privacy legislation, 19 states have passed their own legislation. This patchwork complicates compliance, particularly for small businesses.

Pictured: Congresswoman Nancy Mace (R-SC 1st District), Image courtesy of The Digital Chamber

Blockchain Education Day – May 16, 2024, Washington DC

We also participated in Blockchain Education Day, where we engaged with policymakers to promote responsible regulation while advocating for legislation recognizing privacy as a fundamental consumer right. During the event, the Blockchains team, Matthew Digesti, Peter B. (EVP, Chief Operating Officer of GenuBank), and Sena Loyd (Director of Public Policy) had the honor of meeting with representatives from our home state of Nevada and others, emphasizing the importance of clear regulatory frameworks for blockchain technology and the protection of Americans’ privacy rights in the digital age.

Pictured: Perianne Boring, The Digital Chamber, Image courtesy of The Digital Chamber

We strongly believe that through the support of specific legislation that oversees this emerging industry, we will ensure the security of our economic and digital future.

We proudly support the following bills, which we believe are ecosystem-building and industry-supported:

H.J.Res 109: CRA Resolution of Disapproval for SAB 121

• Rescinds SAB 121 through a resolution of disapproval pursuant to the Congressional Review Act.

H.R.4763: Financial Innovation and Technology for the 21st Century Act

• A bill to establish a statutory framework for the regulation of digital assets, designed to enhance clarity, address regulatory gaps, and promote innovation, while ensuring robust consumer protections.

S.1340: Financial Technology Protection Act of 2023

• A bill to establish an Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing, dedicated to formulating and enacting comprehensive policies aimed at mitigating the illicit exploitation of digital assets and blockchain technology.

S.3087: PROOF Act Proving Reserves of Others’ Funds Act

• A bill to mandate stringent requirements for digital exchanges, prevent the commingling of customer funds, and require digital asset institutions to conduct and submit monthly proof of reserve inspections.

S.: American Privacy Rights Act

• A bill to provide Americans with clear and enforceable data privacy rights. Establishes a uniform national standard for data privacy, replacing the existing patchwork of state laws.

H.R.3572: Securities Clarity Act

• A bill to amend the securities law to exclude investment contract assets from the definition of a security.

H.R.6307: Creating Legal Accountability for Rouge Innovators and Technology Act of 2023 (CLARITY)

• To prohibit the U.S. federal government from employing blockchain network infrastructure, blockchain service providers, and distributed ledger technology owned or controlled by the Chinese Communist Party (CCP) and other foreign adversaries.

H.R.5741: Uniform Treatment of Custodial Assets Act

• To prohibit specific federal agencies from mandating that certain institutions classify assets held in custody as liabilities. This bill aims to nullify the current stipulations outlined in the SEC’s Staff Accounting Bulletin (SAB) 121.

Make Your Voice Heard

It is critical that our voices are heard and to ensure our legislators understand these concerns for our digital future, and priorities. We urge you to take a moment to reach out to your legislators and express your views on the above legislation as your input can make a significant difference!

• Find Your Legislator: Visit USA.gov to find your local legislator’s contact information .
• Write a Letter or Email: State your position on the issue. You can take inspiration from our post above, but personalizing why these issues matter to you can make your message more impactful.
• Make a Phone Call: A quick phone call can be just as effective. Introduce yourself, let them know you are a constituent, and explain why the issue matters to you and how you want them to vote as your representative.
• Share with Friends and Family: Encourage friends and family to join you in contacting their legislators about these critical Web3 issues, by sharing our post by email or on social media.