Govt Official In US: ‘Sometimes The Best Thing To Do Is Stay Out Of The Way’ At DC Blockchain Summit
Government Official In United States Says That They Should “Stay Out Of The Way”
The 4th Annual DC Blockchain Summit happened on March 6th, and there were many interesting developments during the event. The even was organized by the Chamber of Digital Commerce (CDC), and there were multiple speakers from the world of US politics, like a senior government official named Manisha Singh.
Singh, Acting Under Secretary of State for Economic Growth, Energy, and the Environment, spoke on the Trump Administration and how the government was working on both domestic and coordinated international efforts involving blockchain technology.
However, the most interesting comments came from the discussion of how the administration is closely monitoring the way that the rest of the world has been handling blockchain. When speaking on what the administration is looking for, Singh commented:
“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.”
As far as the current role that the State Department has taken on, Singh says that they are only in the research phase right now, looking to gain a more significant understanding of the technology.
The United States has been a little complicated in their approach to regulating this industry, but blockchain research and application has still been happening at a state level. Predominantly, the states have been experimenting with the distributed ledger technology in defense and voting procedures, though there’s been other cases as well.
Another point of interest that the lawmakers have is around decentralization. While they will be overseeing decentralization in the nation, their priority is the protection of the people and to understand how the technology balances decentralization with the open ledger.
While at the event, chairman Christopher Giancarlo of the Commodity Futures Trading Commission (CFTC) added that blockchain could have made a major difference in the economic crash of 2018. He believes that the technology could’ve been the “informational foundation of Wall Street’s derivatives exposures,” which is interesting because Satoshi made Bitcoin in response to the crisis.
With the additional research on blockchain, the projected spending rose to nearly $3 billion on blockchain technology globally.