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Cryptocurrencies are the ‘future of money’: The United States Congress

Akash Anand



Cryptocurrencies are the 'future of money': The United States Congress
Source: Unsplash

On 14th July, The United States House of Representatives has gone so far as to say that digital currencies are the ‘future of money’.

This latest development comes in the wake of countries such as South Korea, Malta, and Switzerland adopting and implementing clear regulation for the $250 billion cryptocurrency market. The United States will begin official hearings on the topic of cryptocurrency on 18th July with the added feature of a live stream being conducted for the general public. The title of the all-important hearing is ‘The Future of Money: Digital Currency’.

The exact list of the people attending the hearing has not been released, but it is expected to be presided over by legislators and cryptocurrency experts. The hearing will look into the security concerns related to cryptocurrency and curbing issues like money laundering. The United States Congress had released an economic report in March of this year that highlighted the benefits of cryptocurrency and why using it would be good for the economy.

As per the report, the authors noted:

“Cryptocurrencies and ICOs create headlines, and the pace of financial innovation in the blockchain space amazes skeptics. Yet, with all the headlines focusing on the financial applications, people may miss the digital revolution now happening with other blockchain applications.”

They continued:

“Even worse, people could be frightened about new developments with the technology as they associate blockchains with the negative headlines. Blockchain technology offers a decentralized, secure, and efficient way to store almost any form of data across multiple platforms.”

The report proceeded to state that critics of mainstream fiat money will wholeheartedly welcome the adoption of cryptocurrency. It then said that the unchangeable factor of cryptocurrencies coupled with stringent security makes it an appealing as well as a useful product for the future.

Congress also mentioned that cryptocurrency is seeing a surge among the public like it is the ‘new internet’. The body has also stated that all cryptocurrency transactions will be monitored and secured. The House Ethics Committee of the U.S. added that cryptocurrency investments above $1000 will have to be publicly revealed because transparency is required.

The committee also claims that the opinion among people about cryptocurrency is changing, including attitudes towards the regulation of tokens too. Moreover, the committee believes that this will create an environment for dialogue with organizations who want to operate in the cryptocurrency ecosystem.

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Montana State makes a move in favor of crypto-space as the law recognizes utility tokens as not securities





Montana state makes a move in favor of crypto-space as the law recognizes utility tokens as not securities
Source: Unsplash

The United States has always been the highlight of the cryptocurrency space in terms of its regulation, with some states introducing laws in its favor and others deciding to not make an official stance. In terms of laying crypto-friendly rules and regulation, Wyoming has always been one of the most recognized state, while the most hostile one is deemed to be New York.

Colorado made headlines earlier this year, with the Digital Token Act that exempts utility tokens from state securities law being signed by the governor in early March 2019. Notably, in the same month, Wyoming State Senate also passed House Bill 70, Utility Token Bill.

Now, another state has joined the bandwagon by making a similar move. Drew Hinkes, Attorney at Carlton Fields, stated that the State of Montana recognizes utility tokens and exempts it from state securities law. The initial announcement pertaining to this bill was made in February 2019, where Montana House Bill was introduced to “Generally revise laws relating to cryptocurrency”.

The Attorney stated on Twitter,

To this, Caitlin Long, the Co-Founder of Wyoming Blockchain Coalition stated,

“Congrats to #Montana for joining #Wyoming & #Colorado in recognizing that #utilitytokens are not securities under state law!”

Montana also made headlines because of news pertaining to cryptocurrency mining regulation. According to a local news portal, Missoula County commissioners had directed its staff to outline an interim law that regulates the cryptocurrency mining industry. The decision to introduce laws on crypto-mining was made due to concerns pertaining to electricity consumption, with the county prompting the use of renewable energy for mining.

Commissioner Cola Rowley had stated,

“This isn’t throwing ice on economic development or saying that industries aren’t welcome here because we’re an unfriendly environment that hates progress. Cryptocurrency and economic development – bringing businesses here – are two very different things.”

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