Since its inception, cryptocurrencies and blockchain technology have received different opinions from different sectors of society. While prominent members in some sectors think blockchain technology is no more than an expensive distraction, others believe it will change the world for the better. Some governments have placed bans on cryptocurrencies while others have created an environment for it to thrive. With so much criticism and backlash coming from different sectors, endorsement and thumbs-up go a long way in reassuring the members of the cryptocurrency community.
US Congress Member, Rob Woodall, Gives Cryptocurrencies A Thumbs-Up
US Congress Member, Rob Woodall, Gives Cryptocurrencies A Thumbs-Up
ATL XRP, an active member of the XRP community asked Rob Woodall, one of the members of Congress, about his opinion about the government using cryptocurrencies such as XRP. Replying in an email, the congressman said that XRP and other digital assets are beneficial in today’s world. In his word:
“I agree that the federal government is in the best position to promote the cryptocurrencies in the United States and lead the world in innovation. This would be a better approach that will encourage growth in the industry rather than stifle it. This school of thought should absolutely apply to cryptocurrencies.”
XRP (XRP) Price Today – XRP / USD
| Name | Price | 24H % |
|---|---|---|
 | $0.00 | -0.80% |
Woodall’s reply showed that he was optimistic about the government supporting the H.R.7356, the “Token Taxonomy Act”. He said that even if the bill expired in December 2018, it could be revisited in the new Congress session. He also said that he is willing to learn more about this legislation. He continued:
“I am looking forward to learning as much as I can about this legislation from representative Soto and Davidson in case they decide to reintroduce the bill this year.”
The US Congress And Cryptocurrencies
For a while now, the United States Congress has been actively getting involved in issues related to the cryptocurrency industry. They have studied letters from the United States Securities and Exchange Commission about cryptocurrencies. Just last year, the chairperson of the SEC, Jay Clayton gave a clear definition of which cryptocurrencies fall under the securities category and which ones don’t. All the cryptocurrencies that fall under the securities category will be regulated as securities. Exchanges that failed to register under the security act were fined for selling unregistered securities.
Part of the letter sent to Rob Woodall was as follows: “There is a lot of uncertainty related to cryptocurrencies at this time. However, hindering innovation by obstructing the sales of digital assets in the United States will drive business to other places. We would want the SEC to take a clear stance on cryptocurrencies.”
The letter was analyzed during a roundtable discussion about cryptocurrencies with the aim of establishing legislative pointers in the cryptocurrency and blockchain industry.
While the words from Rob Woodall don’t mean the Congress is going to promote the use of cryptocurrencies in the country, his positivity is a good thing. If more members of the Congress come on board, they may pave the way for a new era. As expected, other countries will follow suit and this will lead to global adoption of cryptocurrencies.
Do you think Congress will work towards creating the perfect environment for cryptocurrencies to thrive? Share your thoughts.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.
