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Government should ‘stay out of the way’ at times, says US State Department official

Namrata Shukla



Government should 'stay out of the way' at times, says US State Department official
Source: Pixabay

The first day of 2019’s DC Blockchain Summit in Washington D.C. saw many prominent people from the field of U.S. politics. One such speaker was Manisha Singh, who suggested that the the country was closely observing global approaches to blockchain.

The Acting Undersecretary of State for Economic Growth, Energy, and the Environment, Manisha Singh, stated that the Trump Administration was surveying other States’ activities in the field, while discussing domestic and coordinated international efforts around blockchain.

Singh spoke about the State Department’s perspective on blockchain and what the agency looked for in other nations. Singh said,

“We want to see other countries adopt light-touch and compatible regulations so the private sector has room to innovate and perfect potential new uses for blockchain. As the government, sometimes the best thing we can do to help is stay out of the way.”

Singh added that the State Department was in the research phase and was still trying to understand the tech. She further added,

“Blockchain technology is becoming a global phenomenon. It is therefore essential that we better understand this cutting-edge technology, as it becomes more widely adopted in our economy.”

The United States is picking up pace with respect to cryptocurrency regulation and has already pushed blockchain technology experimentation in different fields, especially at the state level, reported Cointelegraph. The use cases that have been recently added include defense and voting procedures, among others.

Singh added that lawmakers were curious about decentralization. She said that they will conduct oversight as needed and ensure public protection. The overall goal of the agency was to understand blockchain technology and its open and decentralized nature.

According to the publication, Christopher Giancarlo, Chairman of the Commodity Futures Trading Commission (CFTC), considered blockchain as a “would-be mitigating factor in the 2008 economic crash,” at the same summit.

He was reported by the publication as saying,

“What a difference it would have made a decade ago if blockchain technology had been the informational foundation of Wall Street’s derivatives exposures.”