US Congress Economic Report writes about Cryptocurrencies

A new report from US Congress has dubbed 2017 as ‘The Year of Cryptocurrencies.’ The report calls for lawmakers and industry stakeholders to use the blockchain technology judiciously.

The 2018 Joint Economic Report assesses nation’s economic status and recommendations for the coming year. Notably, this is the first time when the report has dedicated an entire section to cryptocurrencies and blockchain technology.

The report is drawn by the members from both the House of Representatives and the Senate, and it is the first time that an annual publication from Congress has substantially thrown light over the bitcoins and the other cryptocurrencies.

The report tracks the growth of the cryptocurrencies, highlighting the phase when Ethereum and Bitcoins saw a significant increase and outpaced the Dow Jones Industrial Average and the S&P 500.

The report suggests that the blockchain technology could serve as a potential tool for fighting cybercrimes and protect nation’s economy and its infrastructure.

It also states that this area of applications must be a priority for the lawmakers and regulators. Moreover, it recommends lawmakers and the public to become more familiar with digital currencies and the underlying blockchain technology as it predicts that the technology would have a wide range of applications in the future.

It asserts, “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 the regulators should further consider the regulatory measures and coordinate among each other to frame coherent policies, jurisdictions and definitions concluding that the government agencies should examine uses of this technology.

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

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