US Congress To Decide The Future Of Cryptocurrencies Next Week

Jul 16, 2018 at 07:29 Update Date :Jul 16, 2018 at 07:29 UTC

Hacks and regulations imposed on cryptocurrencies and crypto-exchanges are nothing new. Now, lawmakers from across the United States, having made it known about the government’s intentions of keeping close notes of Bitcoin and other similar digital assets. It will finally get to witness a special hearing of the Subcommittee on Monetary Policy and Trade regarding the future of cryptocurrencies in the country. The hearing, slated to be held on Wednesday, 18 July, will discuss the degrees of governmental influence in the world of digital commerce, and their ultimate aim is to reach a conclusion on “potential domestic and global use for cryptocurrencies”. They shall discuss the topics of the futures of traditional cash and digital currencies in the country.

The hearing has been titled “Digital Currency: The Future of Money”. However, this in no way automatically implies that the Congress members at the hearing will legitimize Bitcoin, and make it a legally acceptable tender.

Experts are of the opinion that these hearings will ultimately decide how the United States government is going to act regarding Bitcoin and other cryptocurrencies in the upcoming years, especially with the involvement of the government posing several new questions about their future. While official decisions should not be expected at this point in time, future crypto-regulations in the country might finally find a foothold.

The labeling of cryptocurrencies as acceptable legal tenders in the US would certainly be a very progressive and profitable move. Speculations suggest that such a decision would push regulators to keep a more optimistic stance towards digital assets. If that be true, the Congress officials will need to deliberate upon the viability of such new currencies, both at home and overseas. The role of central banks in digital coins and assets will also be discussed upon.

Laws regarding BTC and other similar digital tokens might indeed provide a sense of structure and management to the rather chaotic market. A positive outlook from the Securities and Exchange Commission and the Commodity Futures Trading Committee is also helpful and progressive, and moving forward. Digital currencies could enable America’s global presence to help clear the path to the international adoption of such currencies.

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