Many have been eager to establish a legal framework for cryptocurrency in the United States, and there have been several meetings hoping to do so. In October of last year, Nouriel Roubini, a well-known economist, railed against cryptocurrency, while Van Valkenburgh of the Coin Center, spoke about the potential benefits of blockchain. The Senate hearing was widely covered by cryptocurrency news outlets, and footage of the hearing can be found below:
Task Force Created
Instead of constant debate, it appears as though an actual cryptocurrency task force has been created in New York. The governor of New York state, Andrew Cuomo, signed a bill titled The Digital Currency Study Bill, which created the task force. The task force will reportedly submit their reports by December 15, 2020, almost two years from now.
The task force will reportedly include various members of the cryptocurrency sector. The announcement read: “The members will include stakeholders such as, technologists, consumers, institutional and small investors, large and small blockchain enterprises and academics. The group shall report on digital currency, cryptocurrency and blockchain technology.”
One individual in particular was vocal about the potential of blockchain technology, even hinting that it could be utilized for increased transparency in the voting process, as well as land ownership records. Clyde Vanel, a New York State assemblyman, said: “In fact, our government should consider blockchain uses with elections, the recordation of vital records and real estate transactions; to name a few.”
He is not the first individual to speak about how blockchain and cryptocurrency could benefit The United States. For example, a former Fed governor put forward the idea of creating a “FedCoin” cryptocurrency, and recently, a Republican Ohio congressman suggested that a “Wallcoin” cryptocurrency could help fund the border wall that Donald Trump has been speaking about for years.