U.S. Representative Tom Emmer is a member of The Congressional Blockchain Caucus, put together to investigate how blockchain technology can improve government services.
In a discussion at the D.C. Blockchain Summit, Emmer sighted that Blockchain technology could drive the most significant change in society since the American Revolution, but only if regulators resist the temptation to be heavy-handed.
He went on to discuss the transformative potential of blockchain and cryptocurrencies, saying
“We have to be vigilant and we have to remember that you create room for innovation when you don’t stifle it, too much regulation, too many regulators has a tendency to put a wet blanket on it.”
More clarity and certainty would help the blockchain space to flourish, the best situation would be much like Japan has with the Financial Services Agency:
“one agency, you know where you’re going, you know who’s in charge, you know what the issue is, what you have to respond to.”
Emmer said the U.S. would do well to mirror Japan, where only one regulatory body, the Financial Services Agency has jurisdiction over cryptocurrencies. Furthermore, he said that:
“There might be some very basic things when it comes to fraud, those types of issues the government might need to be involved in. But you shouldn’t default to government. You should default to the industry, and then working with the industry you should be able to find those rules.”
Emmer said Congress is “not yet ready to act” and that he didn’t expect to see related bills emerging in the near future “First you have to educate people”. The Blockchain Caucus begin ‘educating’ this week at a House Financial Services subcommittee hearing entitled “Examining the Cryptocurrencies and ICO Markets.”
Emmer said that U.S. legislators may develop some proposals in the next legislative session beginning in 2019.