US Congressman: Congress must “stop” blockchain over-regulation

nOutburst Comments: The US Congressman proposed that the blockchain will be a major social change and that regulators cannot intervene too much. Otherwise, the potential of blockchain and cryptocurrency will not be realized. In particular, judicial jurisdiction should avoid multi-institutional participation in order to clearly distinguish between rights and responsibilities. In addition to government supervision, it should also be based on industry rules. Realizing the potential of blockchain must face all potential problems.n
nTranslation: Annie_Xun
US Congressman Tom Emmer said that blockchain technology may drive the most significant social changes since the American Revolution. But regulators must resist the temptation to over-regulate.n
Emmer said at the Blockchain Summit in Washington that “now, it has been about two hundred and thirty years. We have already experienced this kind of change. We have been consolidating government authority for many years and centralizing government agencies. Items may restore what the founders were seeking and what they were trying to create.”n
But if regulators interfere too much, the potential for change in blockchain and cryptocurrency will never be realized.n
n“We must be vigilant. Remember that when you do not stifle innovation, it provides space for innovation. Too many regulatory regulations, too many regulators tend to cover it with a damp blanket.”n
nTherefore, Emmer and colleagues of the Congressional Blockchain Caucus are needed.n
n”It must be stopped by the members of the parliament with the right to vote in the right place.”n
Use Japan as a templaten
Emmer said that the United States can fully refer to Japan. In Japan, only the Financial Services Agency has jurisdiction over cryptocurrencies.n
More certainty and clarity can help blockchain prosper, but “the way you perform is that you can’t let dozens of agencies control jurisdiction and responsibility at the same time.”n
And the best case is, “An organization is involved so that you know what’s going on in the future. You know who is responsible. You know where the problem is. You know who you have to reflect on.”n
However, Emmer pointed out that government supervision is not the only way to formulate clear and defined rules.n
n”I think the industry can provide a lot of this kind of thing, and then regulators should be keenly aware that we want to maximize the potential of the industry.”n
“There may be some basic issues concerning fraud that government agencies may need to intervene. But you should not default government intervention but should default industry rules, and when you are engaged in this industry, you must be able to find these rules.”n
nEither way, Emmer said that Congress is not yet ready to take action and it is not expected to see the relevant bill in a short time.n
n“First you must educate people.” Next week, the “Examining the Cryptocurrencies and ICO Markets” will be held at the House Financial Services Subcommittee hearing.n
Political footballn
However, Emmer suggested that regulators may eventually draft “some practical proposals” in the next legislative session in 2019. Although he said that colleagues in the blockchain caucus of the National Assembly have made blockchain and cryptocurrency issues as super-partisan issues, it would not be surprising if they were eventually politicized.n
n“The young people who are most interested in this are young people. They may be the most distrustful of the government. So if a politician tries to seize part of the field or put it under control, it is not surprising because they cannot control it, or Use it as a political thing.”n
nHe said, not sure what this thing might bring.n
Regardless of how the actions of future politicians and regulators will exert influence on blockchain and cryptocurrency, Emmer said he is basically optimistic.n
n”I think the future of the blockchain is bright, but I think we must be careful about facing the problem in the government.”n

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