Former New York State Senator David Carlucci.
New York State Senate website
There was a time when Democrats were the undisputed party of innovation. We championed the internet and sending a man to the moon. But when it comes to blockchain technology we’re in danger of remaining reactionary and sidelining our values as conversations develop in Congress.
The CLARITY Act and the STABLE Act, two bipartisan bills now advancing in Washington, represent a serious effort to forge a thoughtful regulatory environment where blockchain and digital assets can thrive. These proposals provide the kind of clarity innovators, investors, and consumers have been asking for. They would provide clear definitions, set comprehensive rules for stablecoins that will revolutionize digital payments, and create pathways for compliance that protect consumers from fraudsters without crushing innovation.
These bills are not perfect. But they represent a major step forward. Democrats must remain engaged and help shape these policies or our values will be left at the door.
For years, politicians have been wary of blockchain. Concerns about volatility, environmental impact, and criminal activity have dominated the narrative. But too often, we’ve failed to separate the technology from the headlines. Blockchain itself is neutral. Whether U.S. dollars or Bitcoin are involved, a crime is always a crime. What matters is how we choose to unleash the technology’s potential –– and who benefits.
For these reasons, it is time for Democrats to fully engage in shaping these policies and support these bills when they come up for a vote. These key pieces of block chain legislation have opened the door to bipartisan collaboration. Democrats in both houses of Congress should walk through it.
From expanding financial access to protecting consumers, our party’s values align with the best of what blockchain can enable. With thoughtful, well-crafted rules, we can reduce our reliance on outdated and costly financial products, lower barriers to entrepreneurship, and create new pathways to generational wealth — especially for communities that have long been excluded.
The CLARITY and STABLE Acts are vehicles for that kind of bipartisan collaboration rarely seen in today’s political climate. By supporting and improving these proposals, Democrats can ensure that blockchain’s future reflects the goals we champion: fair markets, transparency, democratization of resources, and economic inclusion. Blockchain can also modernize government operations and make it work more efficiently, ensuring our agencies delivery better services for the people who need them most.
New York has long been a global financial powerhouse — and the Empire State is emerging as a leader in blockchain, too. According to the US Blockchain Coalition’s State of Web3 report, more than 2,400 blockchain-related companies have set up shop here and drawn over $10 billion in private investment. These firms have secured more than $19 million in federal contracts and research grants for blockchain applications in finance, cybersecurity, and public infrastructure.
But without a clear and predictable regulatory environment many of these startups face incalculable legal risk and uncertainty. They’ll be forced to interpret conflicting signals from regulators, comply with outdated statutes, or relocate to less confusing jurisdictions abroad.
Large swaths of the American public — especially young people — are paying attention. According to a Harris Poll leading up to last year’s election, one in three Americans now say a candidate’s stance on crypto could influence their vote. For Gen Z and Millennials, that number is even higher.
If Democrats hope to expand our coalition and maintain our credibility as the party of progress, we must meet people where they are — and that includes supporting blockchain education and adoption.
Let’s work across the aisle to pass smart, pro-innovation polices. Let’s make sure the blockchain era is built on inclusion, transparency, and fairness. And let’s make it clear that Democrats still believe in shaping the future — not just reacting to it.
David Carlucci, a Democrat, is a former New York State Senator and co-founder of the New York Blockchain Council.