Denelle Dixon expressed:  Let’s be clear: blockchain technology IS infrastructure, not just a revenue source to fund it. We must put the focus back on the use cases and the economic opportunity it enables. The possibilities are limitless if legislation enables innovation to continue.

Denelle Dixon, in her recent publication: “Let’s be clear: Blockchain technology is infrastructure,” pointed to how she hopes that regulatory legislation will provide for a mutually beneficial resolution.

Recently, the blockchain and cryptocurrency industry were involved in intense debates with lawmakers after a $28 billion crypto tax reporting proposal.

The crypto reporting proposal was a part of the Bipartisan Infrastructure Bill (BID); the language was not certain about the details it conveyed. The cryptocurrency sector voiced its opposition in this regard; however, the lawmakers did not make the due amendments.

Denelle points to how just like roads, railways, and broad bands, blockchain is an infrastructure. She points to how cryptocurrency is just one of the use cases of blockchain technology. Further, reinstated on how the technology itself creates opportunities for improved efficiency and connectivity, eventually making it possible to solve real-world problems.

Blockchain is already creating improved access to financial services, providing for faster and cheaper cross-border payments leading to greater interoperability of international banking systems. Thus, improving economic opportunity and financial inclusion in the US and across the world.

She also wrote about stable coin adoption and how the remittance to low and middle-income countries has touched $540 billion in 2020. Individual senders are incurring huge fees when transferring funds across borders when making use of traditional payment infrastructure. However, when the payments are made using blockchain-powered technologies, it can take just a few seconds instead of days. The transaction fees can, in turn, be negligible.  The fee can be as low as fractions of a cent.

Innovators with tremendous talent are using blockchain technology to create products and solutions at a rapid speed. The kind of things that we can achieve with blockchain technology does not have limits.

Regulators are not distinguishing between the builders of blockchain vs. the infrastructure vs. one specific use of that technology vs. brokering trades vs. BID risks. Therefore they are preventing progress in this burgeoning industry.

Those in the blockchain industry are now facing reporting requirements they simply cannot fulfill.  Thus, they are forced to operate in a regulatory environment without reasonable regulatory clarity.

After hearing the well-informed senators who championed amendments that distinguished between technology builders and financial service providers, she acknowledged how the industry is optimistic.

She concluded by stating, the industry stands ready to continue to help lawmakers craft informed legislation.