Op-ed by former State Senator Thom Goolsby

Blockchain technology and the digital asset industry are major drivers of economic growth in North Carolina. In the coming years, these innovative sectors will lead to new jobs, financial freedom, individual empowerment, and the re-shaping of the American economy. 

The benefits of the blockchain and digital asset industry are numerous. North Carolina leaders have a long history of support for the fintech industry, and this has led to 55 fintech locations across the state. Traditional financial systems often involve complex intermediaries, leading to slow and expensive transactions. Blockchain technology enables faster and more cost-effective transactions by eliminating intermediaries and reducing administrative burdens. Most transactions recorded on a blockchain are visible to all participants, ensuring trust and reducing the need for intermediaries. Digital assets and blockchains also promote equity because individuals in underserved regions with limited access to traditional financial services are given greater opportunity to participate in the global economy, access banking services, and plan their financial futures. 

Due to the success and rapid expansion of digital assets and blockchains, it is imperative federal lawmakers establish a cohesive set of rules and policies to regulate this industry. North Carolina has shown promising results in recent years when examining cryptocurrency policy. Of note is the North Carolina Sandbox Act which allows applicants to test certain financial innovations on a limited basis without the imposition of licensing obligations that would otherwise be required under state law. Although it is a step in the right direction, more work needs to be done. 

Sen. Tillis and Budd, along with Rep. McHenry, have proven themselves to be advocates for digital innovation in North Carolina. With their help, I hope Washington lawmakers can put political differences aside long enough to establish a regulatory framework for this growing industry.

Thomas Goolsby is a former Republican North Carolina State Senator representing New Hanover County. A graduate of The Citadel and regimental commander of the South Carolina Corps of Cadets, Goolsby served as a Marine Corps officer after college.