cryptocurrency remains a political issue in the united states

Cryptocurrency Remains a Political Issue in the United States

Though the Democratic presidential race in the United States may have lost its most forward-thinking candidate when it comes to cryptocurrency, that doesn’t mean it’s not still a hot button issue across party lines. The number of patents and companies associated with cryptocurrencies and blockchains continues to rise in the US market. This is what makes it both an economic and political issue in 2020.

The United States Senate held a hearing to go over the 2021 budget on Wednesday. While defending Trump’s $4.8trillion proposal, Senator Maggie Hassan (D-NH) asked a question regarding cryptocurrency:

How will the Treasury’s proposed budget increase in monitoring suspicious cryptocurrency transactions and prosecuting terrorists? Does he has any plan for criminal organizations financing illicit activities with cryptocurrency?

Secretary of the Treasury Steven Mnuchin replied:

We’re about to roll out some significant new requirements at FinCEN (Financial Crimes Enforcement Network). We want to make sure that technology moves forward but on the other hand, we want to make sure that cryptocurrencies aren’t used for the equivalent of old Swiss secret number bank accounts.

The Future of Cryptocurrency and Blockchain Technology in the U.S.

Military contractors in the United States have already shown their willingness to support companies embracing blockchain technology. Even the Federal Reserve sees the potential for digital currency. The Secretary’s comments allude to greater transparency with cryptocurrency to prevent money laundering.

Earlier this week, US Air Force find the greater use of blockchain technology in securing its weapons data. Previously, US Air Force Grad School develops educational applications on blockchain for the supply chain.

Our Take

Cryptocurrency and blockchain technology continue to grow their influence in the league. The cryptocurrency dip forced the blockchain world into a period of true innovation and product development. Therefore, blockchain today imagines a world of incredible possibilities. Industries from finance and energy to artificial intelligence are exploring new and exciting ways to leverage blockchain technology. As the pace of advancement quickens, businesses will gain access to increasingly powerful blockchain applications.

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