|
Getting your Trinity Audio player ready...
|
With Donald Trump back in office, the digital assets industry is poised for exponential growth in the coming years. As the chair of the Senate Banking Committee, Senator Tim Scott has established the first-ever Subcommittee on Digital Assets, underscoring the industry’s role in our national economy. It seems South Carolina has an unprecedented opportunity to shape the future of federal financial regulation – but it’s equally crucial that we establish a clear and supportive regulatory framework for digital assets at the state level, as well.
States like Wyoming and Texas have already shown that fostering a pro-digital asset environment creates jobs, attracts investment, and drives economic growth. With several bills already under consideration in the current South Carolina legislative session, now is the time for bold action to position our state as a leader in the digital asset economy.
Distributed ledger technologies, which are needed to provide a secure and transparent way to verify digital asset transactions, give people more control over their money without the need for middlemen. Consumer demand for these technologies continues to grow, driven by a desire for financial freedom, lower transaction costs, and broader access to financial services. This is more than just a passing trend — it represents a fundamental shift in how people view and use this technology.
***
The economic benefits of distributed ledger technology are already significant for South Carolina. Investments in Bitcoin mining data centers and digital asset-related startups have brought in about $254 million and $385 million, respectively, to the state. Investments like these pave the way for high-paying tech jobs, opportunities for skilled workers, and new tax revenue streams that support local schools, infrastructure, and community services.
As with most emerging industries, significant progress has already been made without state involvement. However, as outlined earlier, the landscape has shifted, and it’s now crucial to establish a regulatory framework to elevate our progress to the next level. Thought leaders and industry operators should continue to make themselves available to help lawmakers and regulators understand the space and make recommendations.
The time has come for us to implement common-sense guardrails that protect both consumers and operators in this space. Delaying action further puts South Carolina’s position as a leader in this emerging industry at risk—and frankly, we cannot afford to miss this critical opportunity.
ABOUT THE AUTHOR …
Patrick Hidalgo currently manages a hedge fund focused on clean energy Bitcoin mining and is based in Sumter, South Carolina. He has been a consumer, investor and operator in the distributed ledger technology space since 2016. In addition to being an advisor for SCETA, he has been the CFO for a retail focused Bitcoin mining company and the CFO for a central bank digital currency software company.
***
WANNA SOUND OFF?
Got something you’d like to say in response to one of our articles? Or an issue you’d like to address proactively? We have an open microphone policy! Submit your letter to the editor (or guest column) via email HERE. Got a tip for a story? CLICK HERE. Got a technical question or a glitch to report? CLICK HERE.
