As the market for non-fungible tokens (NFT) grows – with NFT revenue now expected to exceed $130 billion by 2030 – the Federal will need additional expertise to address the policy and regulatory needs of the market required to best protect consumers, a report from the Government Accountability Office (GAO) says.

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Rep. Darren Soto, D-Fla., along with Christy Goldsmith Romero, a newly appointed commissioner of the Commodity Futures Trading Commission (CFTC), today urged Congress to provide regulatory clarity on the growing cryptocurrency and blockchain industries.

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New bipartisan legislation from Sens. Kirsten Gillibrand, D-N.Y., and Cynthia Lummis, R-Wy., aims to create a complete regulatory framework for digital assets such as cryptocurrencies, but the senators emphasized today how the bill also addresses the cyber aspect of digital assets.

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New Senate legislation unveiled today would retain at least for now the status quo on current Federal oversight of some cryptocurrency trading, but also would set the stage for a much broader examination of how and whether the Federal government should create regulatory structures for a wider range of digital assets that includes cryptocurrency.

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Experts from the cryptocurrency and blockchain technology sectors said today they are watching with deep interest for the outcomes of a Biden administration executive order issued in March on the risks and benefits of digital assets in order to gauge the whether the Federal government and Congress will undertake meaningful regulatory changes that would benefit the sectors.

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MerITocracy 2021

In the lead-up to the in-person forum in Washington, D.C., we are table-setting a host of big issues that will get serious attention at MerITocracy 2022.  And lining up some big guns in Congress – Reps. Bill Foster, D-Ill, and Tom Emmer, R-Minn. – along with Chamber of Digital Commerce CEO Perianne Boring to point the way forward.

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Sens. Roger Wicker, R-Miss., and Cynthia Lummis, R-Wyo., have introduced a bill that aims to better coordinate Federal research and development (R&D) efforts on distributed ledger technologies (DLT), including the more commonly known blockchain technology.

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Blockchain link

Blockchain technologies face challenges, but a new report from the Government Accountability Office (GAO) offers a range of policy recommendations that could help enhance the benefits and mitigate challenges posed by the use of those technologies. 

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Emerging tech

Rep. Jerry McNerney, D-Calif., introduced a bill that, if passed, would commission a study on blockchain technology and digital currency, and another on how artificial intelligence (AI) can aid the Consumer Product Safety Commission.

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Blockchain link

With more and more people putting their trust in cryptocurrencies, the Internal Revenue Service (IRS) is beginning to research how to crack and decrypt crypto wallets that have been subject to seizure and forfeiture, according to a May 20 request for information (RFI) posted to SAM.gov.

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Blockchain link
capitol washington dc senate house congress-min

While business owners told members of the House Small Business Committee at a March 4 hearing how they use blockchain in their operations, a question from the committee’s chairwoman led to talk of bigger operations that could benefit from blockchain ­– state governments.

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Health and Human Services HHS

Accelerate – the first blockchain-based program in the Federal government to get an authority-to-operate – will save the Department of Health and Human Services (HHS) $30 million over five years, the agency’s CIO said today.

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Department of Transportation
DHS Homeland Security

The Department of Homeland Security’s (DHS) Science and Technology (S&T) Directorate has announced the award of a contract to Mavennet Systems to adapt its oil and gas industry blockchain security technology for use by DHS’s Custom and Border Protection organization to track cross-border oil imports.

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Blockchain binary

The Department of Health and Human Services (HHS) hopes to test Accelerate – the first block-chain based program in the Federal government to get an authority-to-operate – in the coming fall and rollout the portal fully in the beginning of 2020.

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