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Depending on your news source “Congress talks positively about cryptocurrencies” or “Congressional hearing on cryptocurrencies devolves into bitcoin bash fest” it wasn’t all bad..

A brand new report from Congress called 2017 “the Year of Cryptocurrencies” and calls for lawmakers and industry stakeholders to cooperate on the technology’s use.

The 2018 Joint Economic Report, an assessment of the nation’s economic status and recommendations for the upcoming year, included an entire section dedicated to cryptocurrencies and blockchain technology. This is the first time the blockchain technology was mentioned in such a substantial way in the annual publication.

The comprehensive report tracks cryptocurrencies rise to prominence. The report states that blockchain technology can serve as a potential tool for fighting cybercrimes and protect both the nation’s economy and its infrastructure. It’s this area of application, the report notes, that should be a priority for lawmakers and regulators.

Lawmakers and the public should become more familiar with both cryptocurrencies and the underlying blockchain technology.

Policymakers, regulators, and entrepreneurs should continue to work together to ensure developers can deploy these new blockchain technologies quickly and in a manner that protects Americans from fraud, theft, and abuse, while ensuring compliance with relevant regulations.2018 Joint Economic Report

It adds that “regulators should continue to coordinate among each other to guarantee coherent policy frameworks, definitions, and jurisdiction,” concluding that government agencies “at all levels should consider and examine new uses for this technology.”

CNBC Saw Things Differently.

See: Congressional hearing on cryptocurrencies devolves into bitcoin bash fest

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“Cryptocurrencies are a crock,” Rep. Brad Sherman (D-Calif.) said to kick off his opening remarks. “They allow a few dozen men in my district to sit in their pajamas all day and tell their wives they’re going to be millionaires.”

This coming from a guy who dresses up in a little suit and telling his wife he’s going to do some work today.. Collecting hundreds of 100’s of thousands not doing a damn thing in Congress.

Sherman had a litany of concerns. Bitcoin has the ability to help terrorists, criminals, tax evaders and start-up companies looking to commit fraud, he said, adding that bitcoin undercuts the U.S. dollar as a source of the Fed’s $50 billion revenue.

The guy’s clueless when it comes to cryptocurrency & the underlying technology. The fact they even let this dinosaur offer an opinion in an open forum on it, should be the real cause for concern

The “Bitcoin is Used By Criminals” Parrot Response

This  popular argument for people who do not believe in the success of cryptocurrency and think it is a scam or a Ponzi scheme is that Bitcoin and other currencies like it are used by drug lords, criminals, and rogue nations.

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While it seems logical that an anonymous or even pseudo-anonymous cryptocurrency would be the best option for a crook trying to keep their identity a secret.
However, recent research by the Treasury Department has shown that the majority of criminal activity is happening through the use of the U.S. dollar, not any of the major cryptocurrencies.

The Facts

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Money laundering is still a thing with all the other already established or “old” currencies. And cash might I remind you is totally anonymous. So while I am sure a lot of criminal activities still go on with Bitcoin,  you cannot compare it to the scale of criminal stuff going on with fiat currencies, gold, diamonds or credit cards.

Bitcoin by design actually stops some forms of crimes from happening. Credit card fraud for example cannot be possible with Bitcoin as the transactions are irreversible and you must make sure you know where you’re sending funds to. Also let’s remind that all of the transactions are recorded in the blockchain and can be traced. 

Bitcoin and other cryptocurrencies can actually give way for a more transparent world. Adopting and developing blockchain technologies could actually help build systems that would make money laundering significantly more difficult.

Aside from bi-polar media reports today- depending on your news source “Congress talks positively about cryptocurrencies” or “Congressional hearing on cryptocurrencies devolves into bitcoin bash fest” it wasn’t all bad, and actually had some good moments.

This report is just one of the many new signs that the U.S. government is taking the subject of blockchain and cryptocurrencies seriously. Which is nothing but good news for the crypto space.

Crypto and blockchain technology is here to stay.

Not that that’s a surprise to us..

Written by CryptoCurrencyClarified

CryptoCurrency & Altcoin News, Insights & Explanations- For The Rest Of Us