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Bipartisan Group Of US Lawmakers Urge Govt. To Promote Blockchain Technology

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A group of US lawmakers have sent a bipartisan letter to President Donald Trump's adviser urging the Administration to include blockchain technology in its initiatives on emerging technologies.

"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 letter reads.

Representatives Trey Hollingsworth (R.-IN) and Darren Soto (D.-FL) led the initiative to draft the letter, addressed to Larry Kudlow, Director of the National Economic Council.

Hollingsworth is the Vice Ranking Member of the House Financial Services Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets.

Reps. Bill Foster (D.-WI), Tom Emmer (R.-MN), Ted Budd (R.-NC), Josh Gottheimer (D.-NJ) and David Schweikert (R.-AZ) are the other signatories to the letter.

The Congressmen strongly urged the Trump Administration to direct the National Economic Council to convene a forum of stakeholders to examine the policy issues facing the industry, and support blockchain technology.

Laws dating back decades are proving difficult to apply to emerging technologies, and a lack of regulatory clarity may be dampening investment, the letter noted.

Despite being a flourishing market for cryptocurrency, the United States does not have a national framework for regulating it, with several federal agencies claiming conflicting jurisdictions. At the same time, many states have come up with varying regulations that make it difficult for the US cryptocurrency markets to compete with those in other jurisdictions, especially China and Europe.

Currently, different federal departments consider digital assets as property, commodities, or securities. Some states have onerous regulations, such as New York's BitLicense.

Last month, a bipartisan legislation was introduced in the House with provisions to give cryptocurrencies a clear legal standing in the country.

The Token Taxonomy Act of 2019 seeks to exempt cryptocurrencies from federal securities laws, thus allowing individuals to more easily trade or transact with select coins.

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