The results of the discussion related to the acceptance of digital currencies showed ignorance of the officials related to the crypto topics where the House Financial Service Committee seemed to be against this acceptance while the House Committee on Agriculture seemed to be in favour of promoting new upcoming blockchain related technologies.
As per the House Financial Service Committee, there would are potential threats involved with the introduction of digital currencies in the US financial market. Due to the illicit use of cryptocurrencies as for now they are working unregulated are harmful for the financial economy of the country and would promote illegal criminal activities in future. Democratic Congressman of California, Brad Sherman, during the debate suggested that:
“We should prohibit U.S. persons from buying or mining cryptocurrencies. Mining alone uses electricity which takes away from other needs and-or adds to the carbon footprint. As a store, as a medium of exchange, cryptocurrency accomplishes nothing except facilitating narcotics trafficking, terrorism, and tax evasion.”
Although this statement of prohibition against cryptocurrencies did not gain majority.
The another Committee – House Committee on Agriculture focused more on the references of expanding the country’s further knowledge in the field of blockchain technology. Due to the many issues involved with the traditional banking systems cryptocurrencies are becoming more and more favourable everyday for the community. The benefits of acceptance of digital currencies would provide initial investment opportunities for many startup companies and new upcoming businesses. Republican Congressman for Texas, Michael Conaway, stated:
“Our committee has a deep interest in promoting strong markets for commodities of all types, including those emerging through new technology.”
Although no clear decisions were made out this debate held, a further more understanding of the Blockchain Technology is the necessity of the current eco-system.