A new, high-profile report from Congress calls on lawmakers and industry pioneers to cooperate on the new technology’s use, signaling a sharp turn toward possible acceptance of crypto at the highest levels of government.
The 2018 Joint Economic Report includes an entire section dedicated to cryptocurrencies and blockchain, the first time crypto has been taken seriously by the United States.
The Joint Economic Report is an assessment of the nation’s economic status and recommendations for the upcoming year. The report is produced by Congress’ Joint Economic Committee and it includes writers from both the House and Senate.
The report tracks crypto’s rise over the past year, pointing out the both Bitcoin and Ethereum saw historic and monumental price increases far outpacing the roaring U.S. stock market.
The report goes on to say that blockchain technology could eventually be a strong tool to fight cybercrime and protect the nation’s economy. The authors suggest that it should be a top priority for lawmakers going forward.
Blockchain technology will have a ”wide range of applications in the future,” the report states.
Further, “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 week, the House Capital Markets Securities and Investment Subcommittee held a public hearing on initial coin offerings (ICOs).
Also earlier this month, the House Science, Space and Technology and Senate Banking, Housing and Urban Affairs Committees hosted hearings on blockchain.