Regulation has been a hot topic for years in the crypto sphere. Some say increased regulation will lead to mass adoption (and therefore higher prices). Others say it hinders the freedom blockchain and Bitcoin were founded upon. Regardless of these opinions... the fact is that regulation is coming, and fast.
A group of U.S. lawmakers from both sides of the fence (democrats and republicans) urged advisors to President Donald Trump: include blockchain as an emerging technology initiative!
The bipartisan letter, led by U.S. Representatives Trey Hollingsworth (R.-TN) and Darren Soto (D.-FL), was addressed to the National Economic Council.
The National Economic Council is a presidential advisory group. It's led by incredibly influential people who focus on economic initiatives that would bolster the U.S. economic in both foreign and domestic situations. The Council was formed in 1993 and tasked with advising the president's economic policy as well as furthering his goals. And as anyone who has heard Trump, the man is dead-set on "making America great again."
The letter asked for a forum on blockchain technology. But that's not the least of it. The letter also urged blockchain tech to be included on technology list that the Trump Administration should promote.
"Government agencies within the United States are exploring blockchain technology in multiple ways," the letter reads. It is directed toward Larry Kudlow, top advisor to Donald Trump. Larry Kudlow worked as a financial analyst; he was also the former CNBC host of finances. Since then he's led the economic council since 2018.
The letter goes on to say:
"To continue its standing as a world leader in technological innovation, the United States should engage with policymakers, the private sector, and academia to promote the research and development of blockchain technology; explore its benefits for private and public use; collaborate on cross-sectoral policy, standard-setting, scalability, and implementation issues; and discuss potential regulatory approaches."
The main thrust of the letter is clear: "more can be done" to support the technology in the U.S. Specifically that blockchain is governed by old laws, "and a lack of regulatory clarity may be dampening investment."
These are strong words from the House Energy and Commerce Committee. They go on to write that "blockchain has the profound potential to benefit society and be a driver of economic growth."
Indeed, the outlook for regulation in the U.S. is positive. America does not want to ban Bitcoin -- like China did -- or stifle it. Rather, the country and its lawmakers seek to develop blockchain's potential.