US Moves Closer To Blockchain Regulation, Still Uncertain For Crypto

Despite the concerns which were expressed by a lot of United States regulators during the House Committee on the Financial Services hearing on Facebook’s proposed digital currency, an increasing number of lawmakers in the US are speaking in favour of developing a permissive regulatory apparatus to prevent the innovation in the crypto sector. With this it seems like US moves closer to embracing blockchain but is still stagnant when it comes to crypto, the latest cryptocurrency news show.

A couple of days before the hearing, the passing of the Blockchain Promotion Act signposted the government and its intention to develop a prudent legislative framework that will oversee the possible implementation of blockchain technology in the various public sectors.

The general skepticism as US moves closer to blockchain is what keeps the lawmakers away from crypto – especially the one present around Facebook and its Libra cryptocurrency – or the technology behind them. This was reported on many best cryptocurrency news sites.

According to the Rep. Patrick McHenry, who represents the North Carolina 10th Congressional District and is a ranking member of the US House committee on Financial Services, Bitcoin has “an unstoppable force.” He said that while delivering a testimony as part of the recent hearing on the committee. McHenry said that US moves closer towards innovation and implored regulators to think in his direction, stating:

“The world that Satoshi Nakamoto — author of the Bitcoin white paper — envisioned, and others are building, is an unstoppable force. We should not attempt to deter this innovation, and governments cannot stop this innovation, and those who have tried have already failed. So the question then becomes, what are American policymakers going to do to meet the challenges and the opportunities of this new world of innovation?”

The fact that the “Blockchain Promotion Act” was approved by the US Senate Committee on Science, Commerce and Transportation gives a lot of bright news for the blockchain technology. Rob Odell, the vice president of product and marketing at crypto-backed loan provider Salt, said that US moves in a nice direction with this, noting:

“By developing a taxonomy or set of agreed-upon terms and definitions for blockchain and crypto-related concepts, people can begin speaking about these concepts in a way that drives understanding and alignment among industry and governmental leaders. As blockchain achieves a global definition, regulatory bodies will be forced to acknowledge, discuss, and eventually understand what blockchains are already providing and what they have the potential to provide.”