US Moves Closer to Accepting Blockchain, Still Uncertain Over Crypto

Despite concerns expressed by many United States regulators during the recent House Committee on Financial Services’ hearing on Facebook’s proposed digital currency, Libra, an increasing number of U.S. lawmakers are speaking out in favor of developing a permissive regulatory apparatus to prevent stifling innovation in the cryptocurrency sector.

Several days prior to the hearing, the passing of the Blockchain Promotion Act signposted the government’s intention to develop a prudent legislative framework to oversee possible implementation of blockchain technology in various public sectors. Skepticism pertaining to the operation of Facebook and its stablecoin project aside, the month’s regulatory proceeding indicated that lawmakers may be moving closer to embracing digital assets — and especially the technology behind them — at least from a regulatory point of view.

Bitcoin is an “unstoppable force”

Rep. Patrick McHenry, who represents North Carolina’s 10th…