The Bitcoin Policy Institute (BPI) submitted a formal letter to the US Department of Commerce on July 4th. The letter was in response to a request for comments from the public on Bitcoin, cryptocurrencies, and digital assets within the United States.
The 26-page document was written by David Zell in cooperation with a number of other established figures including Zack Shapiro and Andrew Bailey. The letter discusses a variety of different topics in relation to Bitcoin including competitiveness, national security, mining and energy, and policy consideration.
The paper suggests that light regulation and a legislative framework should help cultivate the fast growing digital asset industry. It goes on to compare the rise of Bitcoin to that of the internet, quoting Former Chairman of the CFTC Chris Giancarlo.
...the internet flourished because the government did not step in too heavily, and applied a ‘do no harm’ approach...When it comes to fraud and manipulation, we need to be strong. When it comes to policy making, I think we need to be slow and deliberate and well informed.
The release of the letter has seen positive feedback from the general community, including a response from Michael Saylor.
The letter comes as U.S. politicians begin to construct legislation around digital assets with a particular focus on stablecoins.