In the latest 2018, Joint Economic Report by Congress reflects the light on 2017 being the year of cryptocurrencies and discuss the potential, growth, and needs for understanding the cryptocurrency and blockchain technology before moving on to regulating it.
US Congress report: 2017 – “the year of cryptocurrencies”
A few days earlier, in the US Congressional hearing where cryptocurrencies and ICO were the centers of discussion, representatives like crypto friendly Tom Emmer criticized politicians for calling regulations without having an understanding of the technology. Whereas, representative Brad Sherman expressed his doubts on cryptos achieving anything good by calling them “crock”.
Just a couple days after this hearing, Congress published a new report in which 2017 is being called the year of cryptocurrencies. The report further calls the industry stakeholders and lawmakers to come together on the use of this technology.
The 2018 Joint Economic Report of Congress basically is an assessment of the economic status of the US while providing recommendations for the coming year. An entire section titled “Building a Secure Future, One Blockchain at a Time” has been dedicated to the cryptocurrency and blockchain.
This is the first time this technology has been included in such a substantial way, in an annual publication produced by the Joint Committee of the Congress along with members from both the Senate and the House of Representatives.
Focus on understanding and utilizing the technology
Dated March 13, 2018, the comprehensive report talks about the rise of cryptocurrencies and detailing a significant price growth in bitcoin and Ethereum that went beyond the S&P 500 and the Dow Jones Industrial Average.
The report also recommends “blockchain as a potential tool for securing America’s digital infrastructure” and emphasizing that it can provide cybersecurity to protect the country’s economy. It further notes that this area must remain the top priority of regulators and lawmakers.
Due to its wide range of applications in future, the report recommends that “policymakers and the public should become more familiar with digital currencies and other uses of blockchain technology.” It further goes on to:
“Policymakers, regulators, and entrepreneurs should continue to work together to ensure developers can deploy these new blockchain technologies quickly and in a manner that protects Americans from fraud, theft, and abuse while ensuring compliance with relevant regulations.”
The report is a good sign reflecting that the US government is taking cryptocurrency and blockchain seriously and working towards the new uses of this technology.
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