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The Federal Government Needs to Take Action to Prevent the U.S. from Falling Further Behind in Blockchain Innovation

As virtual currency/blockchain technology and its use cases continue to develop rapidly, all eyes are on regulators who are tasked with determining how best to police this burgeoning industry. Many countries have addressed this new technology by creating regulatory sandboxes and promulgating new legislation. In the United States, the federal government has been very slow to act in this arena, while states struggle to enact laws that maintain an appropriate balance between fostering innovation and protecting consumers. As a result, many countries are viewed as more hospitable to the virtual currency/blockchain industry, particularly with respect to fintech.

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