U.S. Gets Closer to Accepting Blockchain, Although Still Uncertain about Cryptocurrencies
The United States Senate Committee of Commerce, Science and Transportation, approved the Blockchain Promotion Act on July 9, 2019. This bill was introduced to the U.S. house of representatives in the October of 2018 and then was moved the U.S. senate after the approval of the house in February 2019. Both major parties of the U.S. senate and house of representatives, i.e. the Republicans and Democrats, showed their support for this bill.
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Recently there was a committee held in the U.S. congress about the new cryptocurrency of Facebook, Libra, and during this committee many U.S. regulators expressed their concern regarding this cryptocurrency. However, at the same time many U.S. regulators are talking about regulating the Blockchain technology in the U.S. in a way so that the innovations in this field would not be hindered.
Furthermore, U.S. regulators just signed in an act into law called the Blockchain Promotion Act, thus trying to make sure that studies and researches about the implementation of Blockchain technology in different fields can keep taking place.
Member of the U.S. house of the representatives Patrick McHenry, who represents North Carolina, described Bitcoin and by extension Blockchain as an unstoppable force. In the committee he asked all the regulators to consider the great capacity that the Blockchain technology has. Furthermore, McHenry said that those regulators who want to strictly regulate cryptocurrencies are inadvertently hindering innovation.
In an interview with the CNBC network, McHenry said that on the day of the Libra hearing, many regulators kind of wanted to just kill this project before it is evolved into its final form. McHenry emphasized the need for the United States to foster the innovations revolving around the Blockchain technology and especially cryptocurrencies because he believes that the economy of the United States is currently stagnant and only innovation in the field of economics will make sure it will go on powerfully.
McHenry believes that the Blockchain technology implemented in the specific part of the economy that is moving money around in the form of the distributed ledger can facilitate and fasten the transfer of money and will also reduce the costs and fees of the transfer. McHenry believes that the distributed ledger technology can greatly facilitate the transfer of money on global scale.
The Blockchain Promotion Act
The United States Senate Committee of Commerce, Science and Transportation, approved the Blockchain Promotion Act on July 9, 2019. This bill was introduced to the U.S. house of representatives in the October of 2018 and then was moved the U.S. senate after the approval of the house in February 2019. Both major parties of the U.S. senate and house of representatives, i.e. the Republicans and Democrats, showed their support for this bill. This bill proposes a legal framework for the future regulation of the Blockchain technology and its potential applications.
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