Blockchain technology is changing the world in many different ways. Governments and enterprises are developing the solutions they need using blockchain. But some countries are imposing tight controls over the market something that can be really harmful for the environment. U.S. Rep. Tom Emmer said that regulators should resist the temptation to be heavy-handed.
Blockchain Regulations Should be Light
According to Mr Emmer, Blockchain Technology could be the most significant change in society since the American Revolution. This one of the reasons he believes the technology should have space to grow.
“Now, it’s been two-hundred and thirty some years. We’ve kind of gone through this evolution,” Emmer commented at the DC. Blockchain Summit. “We’ve been centralizing, consolidating authority for years. This technology… it could maybe restore what it was the founders were looking for, what they tried to create.”
Emmer believes that the United States should mirror Japan and copy the way that regulations apply there. In Japan, the Financial Services Agency (FSA) is the only authority that has jurisdiction over cryptocurrencies. He has also explained that innovation has pace to grow when governments do not stifle it.
At the same time Emmer explained that the most interested in the technology and cryptocurrencies are the youngest generations. Additionally, these millennials do not have so much trust for the government as older generations.
Mr Emmer explained:
“First you have to educate people. Examining the Cryptocurrencies and ICO markets. The people that are most interested in this area are the young people that are probably most distrustful of government. So don’t be surprised if a politician tries to grab a hold of some area of it and either bring it under their control, because they can’t control it, or utilize it as a political ‘something.’”
In the past, Christopher Giancarlo, chairman of the Commodity Futures Trading Commission (CFTC) said that the government should develop a positive outlook about cryptocurrencies. He has also defended the youngest generations saying that most youngsters are interested in cryptocurrencies rather than in traditional markets like stocks.
Image: Freedom Works