íàçâàíèå

Crypto Featured for First Time in US Congress Economic Report

A new report from Congress that dubbed 2017 "the Year of Cryptocurrencies" calls for lawmakers and industry stakeholders to cooperate on the technology's use.

The 2018 Joint Economic Report - an assessment of the nation's economic status and recommendations for the upcoming year - notably includes an entire section dedicated to cryptocurrencies and blockchain. This is the first known instance of the technology being mentioned in such a substantial way in the annual publication, which is produced by Congress' Joint Economic Committee, which includes members from both the House of Representatives and the Senate.

The comprehensive report tracks cryptocurrencies' rise to prominence, noting that bitcoin and ethereum, in particular, saw significant price growth, outpacing both the Dow Jones Industrial Average and the S&P 500.

However, it was perhaps its recommendations which are the most notable. The report states that blockchain technology can serve as a potential tool for fighting cybercrimes and protect both the nation's economy and its infrastructure. It's this area of application, the report notes, that should be a priority for lawmakers and regulators.

The report's authors recommend that lawmakers and the public become more familiar with both cryptocurrencies and the underlying blockchain technology, due to its "wide range of applications in the future."

It goes on to state:

"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."

It adds that "regulators should continue to coordinate among each other to guarantee coherent policy frameworks, definitions, and jurisdiction," concluding that government agencies "at all levels should consider and examine new uses for this technology."

The report is just the latest sign that the U.S. government is taking the subject of blockchain and cryptocurrencies seriously.

Earlier this week, the House Capital Markets, Securities and Investment Subcommittee held a public hearing on initial coin offerings, while last month, the House Science, Space and Technology and Senate Banking, Housing and Urban Affairs Committees hosted hearings on the technology as well.

U.S. Capitol Building image via Rob Crandall / Shutterstock

Read the full report here (the section on cryptocurrencies begins on page 211)

2018 Joint Economic Report by CoinDesk on Scribd


16.03.2018 / 08:35 46
Coinbase to Congress; More Clarity not Regulation Needed Coinbase to Congress; More Clarity not
Coinbase spokesman Mike Lempres told a congressional hearing that more regulation would only add to the confusion of the hodgepodge regulatory
US Congress Debates ICOs, Cryptocurrency Regulation in House Subcommittee Hearing US Congress Debates ICOs,
“I believe this is probably hello, not goodbye.” Thus said Rep. Bill Huizenga (R-MI) as he adjourned Wednesday’s US House Capital Markets,
Strong Words, Little Action: ICOs Draw Fire at US Congress Hearing Strong Words, Little Action: ICOs Draw
"Congress has a responsibility to ensure that investors are protected without unduly preventing growth." So said U.S. Rep. Randy Hultgren of Illinois
ICOs Go to Washington: What to Expect When Congress Talks Crypto ICOs Go to Washington: What to Expect
Cryptocurrencies are heading back to Capitol Hill on Wednesday. On March 14, a subcommittee of the U.S. House of Representatives Financial Services
Mexican Lawmakers Pass Cryptocurrency Regulation Bill Mexican Lawmakers Pass Cryptocurrency
Lawmakers in Mexico have reportedly advanced a bill that was drafted to regulate fintech, including cryptocurrencies, in the country. According to
Mexico?s Congress Approves Cryptocurrency, Crowdfunding Regulations Mexico?s Congress Approves
Mexico’s lower house of Congress recently approved a bill that’s set to regulate the financial technology (fintech) sector in the country. The bill
Comments (0)
Add a comment
Comment on