A brand new report from Congress called 2017 “the Year of Cryptocurrencies” and 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, included an entire section dedicated to cryptocurrencies and blockchain technology. This is the first time the blockchain technology was mentioned in such a substantial way in the annual publication.
The comprehensive report tracks cryptocurrencies rise to prominence. 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.
Lawmakers and the public should become more familiar with both cryptocurrencies and the underlying blockchain technology.
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. 2018 Joint Economic Report
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.”
This report is just one of the many new signs that the U.S. government is taking the subject of blockchain and cryptocurrencies seriously. Which is nothing but good news for the crypto space. Crypto and blockchain technology is here to stay.
Read the full Joint Economic Report here.