US House Committee Analyzes Benefits and Disadvantages of Cryptos
Last Wednesday, members of the US Congress, along with professional witnesses, debated both crypto regulations in the country, and the pros and cons of cryptocurrency. Experts were invited by the Subcommittee on Oversight and Examinations, to testify before Congress about the dangers and opportunities of blockchain innovation.
The financial crisis in the US in 2008 threatened the discussion, because what happened then cast the entire US economy into recession. Through the years of the rapid innovation and evolution of blockchain technology, lawmakers have feared that the negative impact on 2008 might happen again. Lawmakers are struggling to make regulations and lower the risks of crypto trading, due to a lack of knowledge and understanding of cryptocurrency.
Some legislators promote crypto while others are not in favor of it
Representative Brad Sherman (D-MN), a high-class individual from the House Financial Services Committee, is not in favor of putting money into financing crypto for retirement purposes. He stated that blockchain money is highly volatile, with only one out of ten individuals being successful, which makes the other nine unfortunate. He also added that betting on the California Lottery offers a higher chance of winning.
On the other hand, US Senator Cynthia Lummis (R-WY) hopes to see Bitcoin as a normal part of a diversified retirement portfolio, as a hedge against inflation. Even now, crypto can be accepted as a donation for funding campaigns by the National Republican Congressional Committee.
On the contrary, Rep. Tom Emmer (R-MN), another senior individual from the board of trustees, was more worried that administrative impedance was keeping Americans from profiting fully from crypto business ventures.
In Conclusion, the House Committee is wary of the future of the US economy, hence, thorough research on blockchain technology is mandatory, in order to bring out the full potential of cryptocurrency to the US financial system.
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