In 2020, U.S. lawmakers will seek to regulate cryptocurrency and blockchain technology, with a focus on the areas of crypto usage in risky activities, crypto and blockchain use among companies, and blockchain use in the government sector.
According to Forbes, 21 bills on crypto and blockchain policy have been introduced by Congress, which could be considered in 2020.
Among the areas of focus for crypto, U.S. lawmakers are most concerned about how crypto could be used in risky and possibly illegal activities, from terrorist financing to human trafficking.
However, blockchain technology can also be used to track funds going to illegal activities, given the right legal framework.
Another area that is key to blockchain development is how businesses can adopt blockchain technology and utilize cryptocurrency under the existing legal framework. With a highly complex regulatory structure, with different laws for each state, it is still difficult for companies to fully take advantage of these new technologies.
The U.S. government is also considering how it can use blockchain technology and cryptocurrency to develop its public sector, as other nations have been using the technology to drive smart cities and smart governments.
To stay ahead of the curve, the U.S. needs to recognize the importance of issuing legislation that will drive innovation and technological advancements.
Apart from determining policies regarding blockchain and crypto, key moments in Congress over the past year include Facebook’s much-anticipated Libra hearing in Congress, which raised more awareness about how companies can transform the way transactions are carried out using new technology.
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