A joint economic report for 2018 from Congress, dubbed the ‘Year of Cryptocurrencies’, calls for stakeholders and lawmakers to cooperate on the use of cryptocurrencies. The report refers to 2017 as the year dominated by cryptocurrencies.
The report assesses the economic status of the nation and gives recommendations for the year that follows, most notably; a full section has been dedicated to blockchain and cryptocurrencies. This is the first instance that these technologies have been included in this annual publication by Congress, which draws on both members of the Senate and the House of Representatives.
The detailed report issued on March 13th has recordedt the rise of cryptocurrencies to prominence, and states that Ethereum and Bitcoin mainly had remarkable price growth.
The report notes that this rapid growth of the cryptocurrencies outpaced both the S&P 500 and Dow Jones Industrial Average.
Interesting recommendations
Subsequently, the most intriguing facet of the report is what it recommends. The report notes that the technology can be used as an important tool to protect the nation’s infrastructure and economy as well as to fight against cybercrimes. The report notes that is the area of application which should be a high priority for regulators and lawmakers.
The authors of the report recommend that, due to the vast range of cryptocurrency’s applications expected in the near future, the public and the lawmakers should, therefore, become familiar with the technology.
It argues that regulators, entrepreneurs, and policymakers should be working together to make sure developers deploy this technology as soon as possible and in a way that protects the American people from theft, fraud, and abuse.
According to the report, regulators should coordinate with each other for a coherent policy framework, jurisdiction, and definitions. It concludes that the government agencies should examine and consider new uses of blockchain technology, at all levels.
From the report, it is crystal clear that the US government is serious on the subject of cryptocurrencies and blockchain.
There have been hearings on initial coin offerings, as in one case, last week, Investment Subcommittee and House Capital Markets paired for holding a public hearing. Last month, Space and Technology, Senate Banking, the House Science, Housing and Urban Affairs Committees, collectively hosted a hearing on technology.
This report signals the government is taking blockchain and cryptocurrency seriously, and they view blockchain and cryptocurrencies as transformative developments for the future of the American economy.
