US State Dept. On Blockchain: Governments Should Sometimes ‘Stay Out Of The Way’

In today’s crypto news, we are focusing on the topic of blockchain. According to a recent speech at the at the 4th Annual DC Blockchain Summit on March 6th, a United States senior government official said that the country was closely monitoring global approaches to the blockchain technology.

The event was organized by the blockchain advocacy group the Chamber of Digital Commerce (CDC) and featured different influential speakers from US politics. This year, the domestic and coordinated international efforts around blockchain, citing Under Secretary of State for Economic Growth, Energy, and the Environment, Manisha Singh, further explained that the  Trump Administration was busy surveying the other states’ activities in the area.

The senior government official, named Singh, spoke about the perspective on blockchain, saying:

“We want to see other countries adopt light-touch and compatible regulations so the private sector has room to innovate and perfect potential new uses for blockchain. As the government, sometimes the best thing we can do to help is stay out of the way.”

On the current role of the State Department, she further added that the agency is currently in the research phase and willing to “better understand” the technology. She also mentioned that “blockchain technology is becoming a global phenomenon. It is therefore essential that we better understand this cutting-edge technology, as it becomes more widely adopted in our economy.”

Singh continued stating the issues about decentralization, declaring:

“We’ll conduct oversight as necessary and ensure public protections, yet our overall goal is to understand the benefits of the open and decentralized nature of this technology.”

Christopher Giancarlo, who is the chairman of US regulator of the Commodity Futures Trading Commission (CFTC), considered blockchain as a would-be mitigating factor in the 2008 economic crash.