Jason Osborne is the New Hampshire House Majority Leader.
To say that America is divided may be an understatement, and the idea of national leaders from both Republicans and Democrats coming together on a single platform to have a civil conversation about one of the most important economic and security issues facing our nation will likely shock most readers of the book. This paper. But this is exactly what happened in Manchester.
Last December, at the New Hampshire Institute of Politics at Saint Anselm College, presidential candidates from both parties came together to address the emerging cryptocurrency economy and New Hampshire’s growing cryptocurrency and blockchain community at the inaugural platform with the Bipartisan Crypto Presidential Forum.
Attendees heard from former Republican Governor of Arkansas Asa Hutchinson, Democratic Congressman Dean Phillips, Republican businessman Vivek Ramaswamy, and New Hampshire elected leaders as they addressed the new wave of blockchain technology that is paving the way for the next generation of the Internet — and why America should be a leader in this Development.
The benefits are undeniable. Keeping cryptocurrency innovation here in America will mean four million American jobs over the next seven years by preventing web development jobs from shifting offshore. But this growth is not guaranteed.
Not long ago, America sat by as semiconductor manufacturing shifted offshore. Today, 92% of advanced semiconductor production is located in Taiwan and South Korea. We must not allow history to repeat itself, and we must not once again leave America behind the eight ball and marginalized from the future of the global financial system.
However, this is exactly what will happen if we continue on our current path. While 98% of the global economy is exploring cryptocurrencies, the United States is lagging behind. Fortunately, Americans are making their voices heard loud and clear. A majority of Americans want cryptocurrency companies to be US-based, while nearly three-quarters of Fortune 500 executives prefer US-based partners for cryptocurrencies.
These statistics are encouraging. Not long ago, phrases like “crypto” and “blockchain” would have been foreign to almost all readers of this paper, but today the cryptocurrency community numbers more than 52 million Americans nationwide, and New Hampshire has emerged as a national leader in the cryptocurrency space. Economy.
Today, approximately 15% of adults in New Hampshire hold cryptocurrencies. Two-thirds of cryptocurrency owners in New Hampshire say innovation with blockchain technology could have a positive impact on American consumers. Granite Staters recognize that cryptocurrency and blockchain technology are a key tool for the future of global finance, which is why the nation’s first state was home to the first-ever Presidential Cryptocurrency Forum.
Republican and Democratic presidential contenders were drawn to this inaugural event because the explosion of our cryptocurrency economy was not limited to one political party or ideology. Nationally, nearly one in five Republicans, Democrats and independents own cryptocurrency. Here in New Hampshire, cryptocurrency owners are evenly split along partisan lines, with 37% identifying as Democrats and 37% identifying as Republicans.
As a state representative involved in developing innovative cryptocurrency legislation in New Hampshire, I am proud of our state’s rich history of leading the way in financial system reform. Led by dedicated individuals like Representative Keith Ammon, we have taken consistently substantive steps, including Governor Sununu’s creation of the Cryptocurrency and Digital Assets Commission. However, it is disappointing to see the lack of similar initiatives at the national level. We cannot allow this to continue, because inaction puts millions of good-paying American jobs at risk while driving innovation abroad.
In my role as Majority Leader, working alongside my dedicated colleagues, I underscore the urgent need for bipartisan national leadership on cryptocurrencies. While Governor Sununu and Concord officials are making strides in advancing financial system reforms, our national counterparts are lagging behind. Immediate action is critical to prevent the risk of losing millions of American jobs and drive innovation abroad. It is time for our national leaders to follow New Hampshire’s lead and take decisive steps toward comprehensive cryptocurrency legislation that protects our economy and innovation.
Encouragingly, this week we approved, by a vote of 340-33, House Bill 645. This bill, championed by Rep. Keith Ammon, revolutionizes the creation of companies by granting legal recognition to decentralized autonomous organizations through smart contracts. Similar to our previous success with LLCs, this legislation positions New Hampshire as a leading hub for blockchain innovation, attracting talent and promoting economic growth.
Our national leaders must step forward to create a clear and common-sense regulatory framework for the cryptocurrency industry, following the example of New Hampshire. This action is essential to unleash the innovation potential of cryptocurrencies and promote greater economic freedom. The approval of House Bill 645 and the bipartisan forum at Saint Anselm College were encouraging steps toward this future.