Industry insiders: The United States needs to address challenges in multiple areas such as talent and regulation to maintain competitiveness in the encryption field

Crypto industry insiders and executives say the United States must quickly address challenges in seven key areas if it hopes to remain globally competitive in the highly competitive blockchain industry: 1. Talent development Anthony Georgiades, general partner at Innovating Capital, said that despite growing interest from institutions and investors, "the United States needs to work hard to attract and retain the talent needed to build the necessary infrastructure" because "the number of domestic blockchain developers continues to decline." To combat this, the United States needs to focus on targeted initiatives, such as funding professional blockchain training programs at universities, fast-track visa programs for high-level foreign developers, and even supporting public-private partnerships to promote developer programs. In addition, talent-centric programs can be launched, including research grants and tax breaks for companies that invest in and develop blockchain talent; 2. Banking The United States also needs "a supportive banking community." Ogle, a hacker negotiator and founder of Glue Blockchain, said the best way to improve the U.S. crypto industry is "not very complicated," including "if you say your company is a crypto business, you can use banks without being banned or restricted." Ogle added: "There is a big difference between how seriously Singapore, South Korea or Japan take the industry and the United States, for example." If the United States hurry up, it can still catch up, but "at present it has been left far behind"; 3. User experience Erik LaPaglia, chief strategy officer of blockchain real estate platform Propy, said that there is still a way to go before the wider public understands and accepts blockchain. "Many people still think that blockchain is a niche market or something too technical, which hinders the adoption of blockchain." While better public education can improve this problem to some extent, LaPaglia believes that the industry needs to focus on better user experience. "Most of the responsibility falls on developers and leadership teams-we all need to focus on simple user experience and two-click digital interaction. This will solve a lot of confusion about how to use blockchain. After all, no one needs to worry about the back end of the iPhone because its interface is very simple." 4. CBDC Trump said that if he wins re-election in 2024, the United States will not have a central bank digital currency (CBDC), but Georgiades He believes that the United States has fallen behind in this regard, pointing out that both the Democratic and Republican parties lack commitment. "If we hope to keep up with the pace of the global economy, the United States must allocate more personnel and funds to explore the feasibility and implementation of CBDC. The establishment of a dedicated working group, a public research program, or a partnership between the government and the private sector through tax incentives or fiscal incentives can accelerate this process and ensure that the United States does not fall behind in the global financial landscape." 5. Public-private sector cooperation Georgiades said the U.S. government must also strengthen its partnership with the private sector, "through initiatives such as tax incentives for blockchain research and development, funding for pilot projects, and cooperation in standard development." He said this approach is necessary to bridge the gap between traditional investors and the blockchain industry. Murray cited Project Guardian, a collaborative initiative between the Monetary Authority of Singapore and more than 20 industry players to try to tokenize real-world assets. 6. International leadership Georgiades hopes to see the United States play a more active role in shaping the future of blockchain and industry standards. "By working with global partners to build interoperable systems and frameworks, the United States can ensure that its companies are not excluded from the rapidly developing global blockchain ecosystem. This leadership is essential to realizing the full potential of the global blockchain future." 7. Regulation For many people working in the US blockchain industry, the biggest issue they mention is regulation. The lack of a clear framework for US companies, coupled with the enforcement actions of the US SEC, is seen as a major obstacle. Therefore, Tom Kiddle, co-founder of Palisade, an asset custody company backed by Ripple, believes that the United States should follow the example of the EU and mention MiCA regulations. "If the United States wants to attract and develop a competitive crypto industry, it must develop a clear regulatory framework similar to the EU MiCA." (Cointelegraph)