President Barack Obama and his administration have a huge list of demands, and one of them is bitcoin promotion.
Obama and his team probably aren’t ebullient about a survey for CNBC from a former Commodity Futures Trading Commission commissioner offering that the White House should “heed the call” on bitcoin because of its proper protection and regulation. Of course, when the former commissary, Bart Chilton, use term bitcoin, he is talking about blockchain and all digital currencies.
Chilton said: “When the Internet was being developed, an effort and initiative by the Clinton administration to ensure that the fledgling idea would not be overly regulated was put in place — the 1997 Framework for Global Electronic Commerce. The point: to ensure laws and regulation would not negatively impact innovation. Current CFTC Commissioner Chris Giancarlo recently called for such protection for digital currency. President Obama should heed the call.”
Karen Webster notice that berating everyone from thinking that bitcoin and the blockchain are not governless. But, outside of a few states that are trying to curb in how digital currency products are processed, there is no standard nationally set of regulations about bitcoin’s blockchain.
But the absence of regulation is precisely keep bitcoin and blockchain from taking off. The fact that the biggest use case of bitcoin is the Dark Web does exactly support the idea that it should be strictly regulated.
He concluded: “There is a huge opportunity that can be tapped into if U.S. government officials and industry thought-leaders establish an appropriate balance between basic consumer protection regulation and an openness which not only permits, but fosters and promotes, innovation. We did it with the Internet, and we need to do it now with virtual currencies like bitcoin.”