Shytoshi Kusama, the Shiba Inu lead developer, has released a proposal to the next U.S. president, looking to drive blockchain growth in the country.
The future of the U.S. crypto industry is on the line as Americans head to the polls to decide their next president. Despite most crypto industry leaders favoring Donald Trump, some believe Kamala Harris would take a more favorable crypto regulatory approach.
The S.H.I.B. Initiative
Whoever the winner is, Kusama has set out a proposal that suggests a roadmap to make the United States a leader in blockchain through the establishment of a Strategic Hub for Innovation in Blockchain, called “S.H.I.B.”
According to Kusama’s proposal, the initiative will leverage blockchain to bolster economic growth, create jobs, and strengthen national security within the next five to ten years.
I propose a Strategic Hub for Innovation in Blockchain (S.H.I.B.). I invite either Presidential candidate and/or interested parties to reply if they support this “Silicon Valley for the Blockchain industry”. 👀👇 https://t.co/N5CMYOfPP9
— Shytoshi Kusama™ (@ShytoshiKusama) November 5, 2024
The proposal suggests an idea to develop a hub for blockchain innovation in the U.S. The “S.H.I.B.” plan looks to transform a U.S. city into the “Silicon Valley of Crypto,” which would be dedicated to blockchain development.
This hub would integrate physical and digital infrastructure. The plan is in sync with existing national objectives like sustainable practices, job opportunities, and an environment that advances the U.S. technological leadership.
Infrastructure and Economic Development
The S.H.I.B. proposal features several major focus areas. First, it presents a dual approach to infrastructure development that includes both physical and digital growth. This includes constructing modern labs and incubators.
It also highlights secure data centers, high-speed connectivity, and on-chain nodes that support testing and application deployment. Infrastructure costs range from $700 million to $1.2 billion.
Economic, Talent and Regulatory Framework
Kusama’s proposal includes an economic framework to attract investments and businesses. The plan recommends tax incentives, grants, and investment-matching programs for blockchain startups and small businesses.
In addition, it suggests public-private partnerships to help bridge the gap between the expertise in the private sector and resource from the government. These incentives would require an estimate of $300 million to $600 million.
The S.H.I.B. plan also proposes partnerships with universities to create certificate and degree programs in blockchain. Additional measures include investments in K-12 STEM education and others. Talent development efforts could cost between $100 million and $200 million.
Further, Kusama proposes clear and favorable regulations. Notably, he suggests a “regulatory sandbox” that would allow companies to test blockchain solutions in a controlled environment.
Sustainable and Global Reach
Environmental responsibility is part of the proposal, with plans to power the hub using green blockchain protocols and renewable energy sources. This segment of the project would cost between $150 million and $250 million.
Meanwhile, to establish the hub as a global leader, Kusama proposes a marketing strategy that includes branding, international events, and trade missions. The outreach budget is at an estimate of $50 million to $100 million.
S.H.I.B.’s Potential Impact
The total cost of the project ranges from $1.3 billion to $2.35 billion within a ten-year period. Interestingly, the proposal suggests that the S.H.I.B. initiative could generate social and economic benefits across short, medium and long-term phases.
In the short term, the hub could create some 5,000 jobs in sectors such as administration, planning and construction, with an estimated $500 million injected into the economy.
Over the medium term, the hub aims to expand to 20,000 high-skilled jobs, contributing an annual $2 billion to the economy. By the long term, the project could become a self-sustaining ecosystem, adding over $5 billion yearly to the economy.
The proposal also seeks strong ROIs. Kusama projects a 10-to-1 return ratio over a decade, with every dollar invested generating $10 through job creation, tax revenue, and economic activity.
Additional benefits include national security enhancements via blockchain and improvements to the U.S. trade balance as blockchain services become a prominent export.
