In advance of Wednesday’s congressional hearing on digital assets, Chamber of Progress submitted written testimony to the House Financial Services Committee, warning lawmakers that the U.S. is at risk of losing the global race to become the hub for cryptocurrency and blockchain innovation. The tech group pointed to the United States’ fractured and uncertain regulatory environment as well as competition from nation’s like Singapore, France, and the United Kingdom, which have moved to enact regulatory frameworks encouraging innovation and protecting consumers.

The full text of Chamber of Progress’s written testimony is available here, and is copied below. Chamber of Progress CEO Adam Kovacevich also commented on today’s hearing in an interview early Wednesday morning on Cheddar News.

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Chamber of Progress (progresschamber.org) is a new center-left tech industry policy coalition promoting technology’s progressive future. We work to ensure that all Americans benefit from technological leaps, and that the tech industry operates responsibly and fairly.

Our corporate partners do not have a vote on or veto over our positions. We do not speak for individual partner companies and remain true to our stated principles even when our partners disagree.