Congress held two hearings on “the future of virtual money” and “cryptocurrency: new asset regulation in the digital age” on July 18.
As a new technology product of the future trend, virtual currency should be put into the central bank’s monetary policy and the US financial system, and how to regulate it has become the focus of the hearing.
Purpose of the hearing
Study the extent to which the US government should treat virtual currency as currency and the potential impact of virtual currency on domestic and foreign economies.
The Subcommittee also assessed the advantages and disadvantages of the use of virtual currencies by central banks in order to better understand the future of virtual currency and physical cash.
The hearing, organized by the US House of Representatives Agriculture Committee, invited experts and scholars from various fields to provide sufficient information to the regulatory agencies on the complexity of blockchain technology. There are basically several consensuses in the proposed recommendations:
The speed of regulatory decision-making affects the pace of development in this area, and wasting time on regulatory decisions will only make the US lag behind other countries.
From the perspective of perspective, the virtual currency is one of the future development trends, and timely establishment of a moderate regulatory policy will promote people to join this field, on the contrary will make people dare not risk, delay the United States in this field of innovation, reduce the United States the first move advantage.
Block chain technology can be used in a variety of fields, the use of virtual currency varies from person to person, so the regulatory system should not be defined as a one-size-fits-all, should be based on specific uses, behavior and project development phase, through the supervision of the consensus and collaboration, flexible supervision.
At the end of the meeting, K.michael Conaway, chairman of the Committee, concluded: In the months and years ahead, we will continue to explore how to regulate these markets to protect the public while promoting innovation.
The prospect of virtual assets as an emerging business sector is enormous, but as today’s hearings emphasize, it is still a daunting task to determine whether a virtual currency is a security or a commodity.
The Committee looks forward to working with all sectors of the community to promote a safe, effective and transparent market for digital assets for consumers, developers and investors.