US State Dept. on Blockchain: Sometimes Gov’t Should ‘Stay out of the Way’
The technology requires extensive research both in the house and abroad through diplomacy, Manisha Singh says. A United States senior federal government official said that the country was closely keeping track of worldwide uses to blockchain in a speech at the 4th Annual DC Blockchain Summit on March 6.
The occasion, arranged by blockchain advocacy group the Chamber of Digital Commerce (CDC), featured numerous influential speakers from U.S. politics.
This year, talking about domestic and collaborated international efforts around blockchain, Acting Under Secretary of State for Economic Growth, Energy, and the Environment, Manisha Singh, explained that the Trump Administration was busy surveying other states' activities in the area.
Speaking about the State Department’s perspective on blockchain and what the agency looks to other nations for, Singh stated:
“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.”
On the State Department's present state, she added that the firm is currently in the research phase, looking to “better understand” the tech. She mentioned: “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.”
Despite its infamous patchwork approach to cryptocurrency regulation, the U.S. has pushed ahead with blockchain innovation experimentation in various fields at the state level. As Cointelegraph reported, these use cases have just recently consisted of defense and voting procedures, among others.
In these times, Singh continued, lawmakers are curious about decentralization, declaring:
“We’ll conduct oversight as necessary and ensure public protections, yet our overall goal is to understand the benefits of the open and decentralized nature of this technology.”
Speaking at the same event, Christopher Giancarlo, chairman of U.S. regulator the Commodity Futures Trading Commission (CFTC), even considered blockchain as a potential mitigating factor in the 2008 financial crash.“What a difference it would have made a decade ago if blockchain technology had been the informational foundation of Wall Street’s derivatives exposures,” Cointelegraph reported him as saying on Thursday.
This week, brand-new research put predicted blockchain spending in 2019 at just under $3 billion worldwide.
As a side note…DC Blockchain Summit 2019 featured discussions with innovators and technologists from around the globe, including in-depth conversations with policymakers and regulators on the issues impacting the growing blockchain landscape. The Chamber of Digital Commerce and Georgetown University’s Center for Financial Markets and Policy hosted the fourth annual DC Blockchain Summit on March 6-7, 2019. The Summit brought together global blockchain advocates and thought leaders throughout government, financial services, and technology, working together to advance the adoption of blockchain technology in Washington, DC and beyond.