US Officials Praise Blockchains Amidst ICO Related Scams

As US security regulations fight against cryptocurrency exchanges and ICO scams, the US government reaches out to audience members at the Blockchain Summit in Washington, DC to come together and collaborate on blockchains.

James Sullivan, the deputy assistant secretary of services at the Commerce Department’s International Trade Administration commented that cooperation is necessary if we are to explore the potential of blockchains within the public sector. He then welcomed the audience to take part in the policy-making: “we cannot make policy in the abstract[…] would welcome all of you in the audience to reach out … and to hear your recommendations.”

However, the US government didn’t end up announcing any new blockchain based project at the event. But Sullivan did express his support for the technology and thinks that blockchains will certainly be valuable in the trade finance chain, “The companies that are usually hit hardest by that gap of trade finance are small- and medium-sized businesses[…]We think this is where the blockchain could come in.”

Apart from Sullivan, other officials had a viewpoint that if blockchains were to come into public sector use, it would more practically come as a part of a broader technology suit. Mark Fisk, IBM Public Service Blockchain partner stated how blockchains could be used for the purpose of storing employee data more efficiently.

But in spite of the sudden blockchain-positive sentiment of the US government, many attendees at the conference were rather skeptical. After all, the primary function of the event was to discuss on cryptocurrency regulations. One of them argued against the chances for the US government will seriously commit to the technology and that, developing regulations at this time will limit businesses into a rigid model which is bad for growth.

Again, while the event was taking place, the US Security and Exchange Commission issued a letter warning unlawful cryptocurrency exchanges and also advising investors to trade using SEC-registered Alternative Trading Systems only.

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