Cryptocurrency and Blockchain Bills
By the end of 2020, Congress has produced 21 bills addressing cryptocurrency and blockchain policy. And the second year of the 116th Congress could consider this. U.S. legislators have been busy checking out the landscape of how this new technology. How it has been and could be affecting businesses, consumers, and society at large? All in all, the Congress introduced 22 a total of 22 bills involving cryptos and blockchain technology. And some main public policy areas might be the focus of the 116th Congress into 2020.
Now, the first main public policy issue relates to the way they can use crypto in a wide variety of hazardous activities. For example, evading U.S. sanctions, human trafficking, and terrorist use. In addition to that, a lot of legislators are also seeking for the U.S. to explore the unique tracking capabilities of cryptocurrencies as well as blockchain technology. These could support U.S. government agencies in the pursuit of bad actions in the activities stated.
The Following of the Reports
After that, the most frequently reported type of public policy issue became utilization. How can the firms utilize cryptocurrency and blockchain in business models inside the new regulatory framework? The extent of the United States economy and the complexity of its regulatory structure on federal and state levels can be choking for private-sector innovations.
Finally, the policy issue of the way they disseminate ledger technologies can become utilized by the U.S. government. The legislation addressed that has been introduced so far. Particularly knowing that other countries have focused an intense amount of time, effort, and money on cryptocurrencies and blockchain technology.
Now, eight of the bills are addressing the use of cryptocurrencies by terrorists, money launderers, or human/sex traffickers. Then, nine are addressing regulatory transparency for blockchain tokens. Finally, five of the bills aim at the use of blockchain technology by the U.S. government.
Cryptocurrencies in Terrorists, Money Launderers and Human/Sex Traffickers
In the creation of the internet, worries also mounted that this would only have illicit use. And as the internet continues to evolve, there is undoubtedly the benefit of communication around the globe. Since the technological net is cast around the world’s population, those who are criminals – whether terrorists or part of the leadership of countries like North Korea – the ways that they might hold their activities in the darkness are always a major concern.
Positively, a disruptive technology creating a whole new class of money with a value that is transferrable over the internet and not through traditional banking institutions raises the spectrum of what might go wrong. This subject has seen a sum of eight bills addressing these concerns.