Regulators have weakened concerns about regulating blockchain technology, as many believe that this may hold back the development of the industry.
Yahoo Finance reported that on March 7, 2019, during the Blockchain Summit this year in Washington, DC, regulators eased this concern, telling visitors that, in their view, technology would flourish during 2019.
Friendly attitude to the blockchain
Tom Emmer, US Representative (R-Minnesota), presented the technology to Congress to promote coordinated state control.
Emmer, who is also co-chair of the blockchain Council of Congress, said that 2019
“It should be the year of the blockchain, the year when we separate deception from reality, and start using the blockchain in the right use cases to reduce costs and increase efficiency.”
Emmer also stressed that:
“Congress has a clear role: we must ensure simplicity and accuracy of regulation. If there are many regulations, the industry will suffer and prove that the government is ineffective. This confusion will undoubtedly lead to greater regulation, which only stifles innovation and the potential application of technology. ”
Recommendations for the blockchain industry
Emmer praised the Digital Commerce Chamber for investigating this issue and issuing a National Action Plan for the blockchain.
This plan is a more friendly approach to how government regulators can intervene, but still takes into account the development of technology. This shows that the position of the government is changing in relation to the industry, and now regulators have put forward a growth-oriented regulatory approach for the development of blockchain technology in the United States.
According to the National Action Plan for Blockchain, this technology is already being used by food companies to certify their products and optimize supply chain networks, allowing them to track products while at the same time giving intermediaries access to information about the entire process of transforming and distributing through to the final consumer.
Emmer said that he has been making his contribution since January by adopting his Blockchain law on regulatory certainty, which, in his opinion, will help accelerate the growth of the blockchain in the country.
Emmer said:
“Laws were adopted on cash to ensure consumer protection, entrusting their funds to another person to transfer them. If no funds are transferred to another, you should make sure that these rules do not apply. ”
Emmer also mentioned cryptocurrencies and noted that, although criminals use these means of change, their potential should not be completely missed:
“Many, including in this city, would like to focus only on the blockchain and ignore or criticize the cryptocurrency. They will tell us that bitcoins are used by criminals, and blockchain is a real innovation. It is true that there are illegal transactions. But this should not be a reason for completely abandoning cryptocurrency. ”
Another highlight of the conference was the fact that the value of $ 130 billion is already stored in public networks of blockchains.
