WASHINGTON—During this year’s DC Blockchain Summit here, concern was expressed that a heavy-handed approach from the federal government could stifle blockchain innovation in the United States. But regulators told attendees they generally support allowing the technology to flourish.
That message was delivered by U.S. Rep. Tom Emmer (R-MN), reported Freight Waves.
Emmer, who co-chairs the Congressional Blockchain Caucus, predicted that 2019 “stands to be the year of blockchain, the year we separate hype from reality, and begin harnessing blockchain in the right-use cases to lower costs and increase efficiency,” he told attendees.
But he also emphasized the need for coordinated government oversight, Freight Waves noted.
“Congress has a clear role: we must insure that regulation is simple and precise,” Emmer said. “If a patchwork of regulations emerges, the industry will suffer, and prove government to be ineffective. This confusion will undoubtedly lead to more regulation, which will only stifle the innovation and potential application of the technology.”