A highly anticipated hearing of the FSC has just concluded, and as expected, the session was replete with its fair share of drama.

While there were the likes of Brad Sherman who opposed the very notion of “cryptocurrency buying and trading”, there were others like Norbert Michel who presented an extremely balanced view of what blockchain technology and digital currencies have to offer.

As per the official live stream of the event, Michel was noted as saying:

The federal government should not step in and tilt the playing field. It should treat cryptocurrency and all other forms of money neutrally. This means it should not bestow any particular legal advantage on any particular alternative form of money, and that it should remove all legal barriers to using alternative forms of money. Removing capital gains taxes from purchases with alternative currencies, including cryptocurrencies and foreign currencies, would be a major step toward leveling that playing field between alternative forms of payment. To further level the playing field, Congress should even consider allowing the US Postal Service and other government agencies to accept these alternatives.

He also added

“Competitive processes should take place so that businesses and consumers can discover the best means of payment. The fact that a cryptocurrency is a new option for making payments, though it is in its infant stages, should be embraced.”

Final Take

With the US Congress now fostering healthy debate regarding blockchain technology and digital currencies, it feels as though the crypto ecosystem is finally maturing and becoming part of the mainstream. It now remains to be seen how future guidelines are mapped out by relevant authorities— especially after the conclusion of such a fruitful discussion.

The entire hearing can be viewed by clicking on the link below:

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