Until recently, Blockchain technology’s issue has been unbiased on Capitol Hill. The determination of policy on Cryptocurrency in the House Financial Services Committee becomes highly important when Social Giant, Facebook’s Project Libra seemed to threaten the U.S dollar’s power. In Washington D.C, an issue became conflated during the SEC oversight hearing concerning Libra cryptocurrency, when Chairwomen Maxine Waters (D-CA) questioned what SEC was doing about the “blockchain phenomenon”
The theory says that if blockchain and cryptocurrency are considered the same thing, then it may be a possibility that the regulations which are being applied to crypto, might also be applied to the technology. Moreover, if the U.S has to authorize any study for blockchain technology, then this concept will be as equal as using taxpayer’s dollars to launch an ICO. Henceforth, an investment in blockchain technology would be eliminated.
In the “Pre-libra Era” Chairwoman Maxine Waters (D-CA) had co-sponsored H.R. 3407, the Export Finance Agency Act of 2019 along with Ranking Member Patrick McHenry (R-NC), with a proposition of a survey of U.S exporters gaining from the utilisation of blockchain in their operations, which includes the management of payments, supply chains and contracts. As a result of the Republicans and Democrats failing to settle on this bill, In the “Post-Libra Era”, Chairwoman Waters organized a new bill, H.R. 4853, which also goes by the name, Export Finance Agency Act of 2019, co-signing the bill with 22 fellow Democrats.
Apart from the sponsor of Ranking member McHenry (R.NC), the survey on the blockchain is now not a part of the bill. Though this appears to be nuance, the bill required the Export-import Bank to organize a survey on Blockchain Technology’s impact for five years now, and this is why this is important when other issues such as SEC are ruling the minds of entrepreneurs who are currently working on this technology.
In the present debate on whether ‘Central Bank Digital Currency’ which is issued by China would leave the U.S in the dust if no advocacy for the research and development of blockchain technology is organized in the U.S.
However, if this bill drives through the Rules Committee today at 5 pm, and is then sermonized on Congress’s floor, the termination of these policies is important because of its inherent dangers and also because Members of Congress conflated blockchain technology and cryptocurrencies.
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