The blockchain industry yields benefits for businesses and individuals in South Dakota and across the country
by Dirk Lohry
As the general election approaches, both major political parties have now concluded their national conventions and presented policy platforms outlining their priorities for the coming years. While voters are focused on a variety of key issues, I urge both voters and our elected officials to prioritize responsible, pro-business regulation in emerging industries—particularly in the crypto and blockchain sectors.
In July, the Republican National Committee’s platform highlighted a commitment to fostering a pro-crypto environment, signaling a notable shift in the party’s stance from previous years. Meanwhile, the Democratic National Committee, in their August platform, did not mention cryptocurrency or blockchain technology. However, Vice President Kamala Harris recently addressed both AI and digital assets at a fundraiser, pledging to encourage further investment in these areas. This marks the Vice President’s first positive acknowledgment of the crypto industry, reinforcing the importance of this issue and the need for informed legislative action.
Former President Trump also made headlines recently with his endorsement of World Liberty Financial, a decentralized cryptocurrency platform, expressing his vision of making the United States the “crypto capital of the world.” With both presidential candidates signaling support for the crypto industry, momentum is building around the potential of this dynamic sector.
The blockchain industry has already begun to yield significant benefits for businesses and individuals in South Dakota and across the country. As this sector continues to grow, Congress has a unique opportunity to enact policies that support innovation and economic advancement here in America.
In the House, Representative Dusty Johnson led bipartisan efforts to pass the Financial Innovation and Technology for the 21st Century Act (FIT21). This landmark legislation lays the groundwork for consumer protections while encouraging American innovation in digital assets.
I urge Senator Rounds to build on this momentum in the U.S. Senate. Through strong leadership and bipartisan cooperation, Congress can craft legislation that enables American businesses to harness the full potential of crypto technology. Just as with other industries, it’s vital that Americans lead in this space, driving innovation and growth.
Crypto is an emerging market like the internet was back in the 1990’s. A light-touch approach to regulation is the right way to allow the industry to grow. The bill that came out of the house looks like a good way to give some regulatory certainty without government overreach. The Biden Administration tried to get the Federal Reserve to force a central banking digital currency which failed. Under Trump, we could see crypto become the new de-centralized currency for the US to lead the global market like we did with the internet.
Industry?? Where exactly is the industry in making computers do work (and expend phenomenal amounts of energy) to “mine” crypto?
President Donald Trump is good for the country and will be good for cryptocurrency. Kamala Harris and the democrats will not be.
I follow a lot of crypto communities and forums, and this isn’t even close to the general consensus or feeling among holders. Trump is going to bring negative attention with his scams and boost the likelihood of regulation.
The bit coin, crypto currency stuff is a fraud, a playground for thieves, and market manipulators.. Only fools and the helplessly optimistic will play this game.
Bitcoin, and damn near only bitcoin, has been a solid investment that is somewhat isolated from the level of volatility experienced by other cryptos. NFTs are a flat out scam. MOST crypto is also a scam. Terrible investments generally, but you know what they say about a fool and his money…
This. Bitcoin will remain a solid tool for wealth management. Now, go buy your Trump coins, lemmings.
If we are going to see regulation, I would far rather see it under the Trump administration. Like everything else, the Democrats will try to put as much government red tape on it as possible.
High risk sketchy investments used by organized crime and rogue governments like Russia.
South Dakota is number #1 in the nation right now for amount of money scammed and transferred into crypto from unwitting South Dakotans. It’s also used heavily for corruption payments. Law Enforcement will take a police report if your scammed but they are not able to get anyone’s life’s savings back ever. Is this really good for South Dakota?
Is this why Doeden has a history of pushing this?
Typically, the manner in which most people running scams with crypto rip people off is via rug pulls. Essentially, they will create some “new” and “wonderful” crypto that is TOTALLY DIFFERENT FROM THE OTHERS, YOU’LL SEE. Then, they either get some HFT bots or friends to buy shares to get lemmings excited and all FOMO’d up. Then, they sell the shares to the marks and leave with the money and a bunch of dumbasses unable to sell crypto shares they bought at an obscene markup. I don’t know what Doeden is doing, but there is always a good chance he is attempting to enrich himself, to hell with everyone else.
Crypto is the only thing I agree with the SEC about: it’s a marketable security and should be regulated as such.