Benzinga - Cody Carbone, Vice President of Policy at the Chamber of Digital Commerce will be speaking at the upcoming Benzinga Future of Digital Assets, Mark Nov. 14 on your calendar for the must-attend gathering in the fintech industry!
In an era of relentless digital innovation, the United States stands at a crossroad. On one path lies the potential to harness blockchain technology and digital assets to catapult the U.S. economy into a future of unparalleled transparency, efficiency, and inclusivity. The alternate path, mired by hesitation, skepticism, and fear of the unknown, risks relinquishing our competitive edge on the global stage. The burgeoning blockchain ecosystem, despite its nascent status (i.e., like 1998 internet, yeah, we’re early…), has exhibited the ability to transform industries for the better, mirroring the advent of the internet.
However, the journey towards achieving a harmonious integration of this technology has faced contention in Washington and that hesitation, skepticism, and fear of unknown has dominated the legislative and regulatory arena. This technology only succeeds in the U.S. if Washington remains informed and open-minded on the possibilities and potential.
The narrative surrounding digital assets and blockchain technology in D.C. has often been tarnished by misinterpretations and a lack of comprehensive understanding leading to reactionary policy proposals (Thanks SBF!...I kid, kind of). The tendency to associate every crisis in the digital realm with cryptocurrencies demonstrates a fundamental gap in awareness that only a robust education initiative can bridge. In nations from Singapore to Switzerland, a constructive dialogue between policymakers, technologists, and the public has fostered an environment conducive to blockchain innovation and adoption. This collaborative model presents a viable blueprint for demystifying the blockchain narrative in the U.S. and that’s what I am trying to achieve.
Why haven’t we succeeded? As an industry advocate, I’ve sensed a disconnect. Many policymakers have only skimmed the surface through headlines, not truly grasping the possibilities of the technology. To truly resonate with policymakers, we must pivot our narrative.
For the uninitiated, the intricacies of blockchain can be overwhelming. But here’s a revelation: Walmart (ever heard of it?), operates one of the largest blockchain networks globally. It’s not about cryptocurrency, bitcoin, or ether either; but about the efficiency, transparency, and innovation of their supply chain and freight network. Instead of diving deep into the technicalities, we must highlight how the technologies directly impact their constituents and can drive revenue and jobs to their community. I believe framing the discourse around practical problem-solving scenarios, rather than delving into the technical, can foster a more constructive understanding and acceptance among policymakers. This is not a dig at technologists and developers, but a need to meet policymakers at their level of understanding.
Advocacy is often most effective when simplified. My recommendation to the digital asset community is to adopt this mantra when advocating: “Your constituents face challenge ‘X’, and here’s how blockchain can offer a solution.” By weaving the technical with the tangible, we can craft a narrative that not only educations but also inspires action.
The road to achieving regulatory clarity and fostering a conducive environment for blockchain advancement is undeniably long, exhausting, and fraught with challenges. At the heart of this discourse lies the central thread that must not be ignored: the innate impartiality of these technologies. I’ve often found myself sounding the alarm, and I won’t hesitate to do so again here: the success of blockchain and digital assets in the U.S. hinges on this neutrality. Should this issue become partisan (hi retail CBDCs…) its promise may be overshadowed by the tumult of political discord. Embracing blockchain and digital assets should resonate with both sides of the aisle as it inherently aligns with the broader goals of economic resilience, financial inclusivity, and technological advancement. It’s imperative that the discourse surrounding blockchain transcends partisan biases, fostering a nonpartisan consensus that propels the U.S. towards a future of digital innovation. That’s what I’m advocating for.
As an advocate, my mission transcends beyond technological integration; it encapsulates a broader vision of fostering a nonpartisan understanding and acceptance of blockchain technology and digital assets in Washington. The essence of this advocacy lies in ensuring that the U.S. retains its competitive edge in the global digital economy, while fostering a future of transparency, inclusivity, and innovation. Through continuous dialogue, education, and nonpartisan cooperation, we can navigate the complex regulatory landscape, ensuring a future where blockchain technology and digital assets are integrated seamlessly within our societal fabric, propelling the United States forward in the global digital economy.
I will be speaking directly on addressing this education gap and avoiding the partisanship debate of these technologies at the Benzinga’s Future of Digital Assets conference on November 14, in New York City. Advocacy is important but it must be done right and digital assets and blockchain technology need it now more than ever.
Cody Carbone is the Vice President of Policy at the Chamber of Digital Commerce, the world’s leading trade association representing the digital asset and blockchain industry. At the Chamber, Cody leads all federal policy education and advocacy efforts with Congress and the Biden administration representing viewpoints of the Digital Chamber’s +200 members. Previously, Cody spent six years in the office of public policy at Ernst & Young (EY), where he led federal government engagement and advocacy efforts on issues related to financial services and technology. Cody has also spent time serving as legislative staff in the US House of Representatives and US Senate. Cody received his Juris Doctorate (JD) and Masters in Public Administration (MPA) from Syracuse University and is admitted to the New York State Bar. Cody currently lives in Washington, DC.
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