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In the last two months and in the new year, various milestones in the development of cryptocurrency and blockchain have been and will be celebrated. Among these, the white paper published online October 31, 2008 by allegedly Satoshi Nakamoto entitled "Bitcoin: a peer-to-peer electronic payment system". In the document, Nakamoto announced that it has created a new digital private currency called "Bitcoin" that could be used for the payment of transactions without a third party, such as a bank, through the uses of cryptography and a peer-to-peer network.
On 3 January 2009 it was the debut of the first blockchain with Nakamoto and associates who extracted the "genesis block" as a ledger for Bitcoin. And in a couple of days, on January 12th, we will celebrate 10thth anniversary of the videogame developer and cryptography activist Hal Finney who received the first cryptocurrency in a Bitcoin transaction with Nakamoto.
Like many ten-year-olds, cryptocurrency and blockchain are having their share of growing pains. Technology is still maturing. Some cryptocurrencies will go down the street, just as many Internet-related companies did in the aftermath of the "dotcom" boom.
But the Internet as a whole has greatly improved our lives, and so have these new developments of fintech. That's why in "Free to Prosper", my colleagues at the Competitive Enterprise Institute and I invite Congress to adopt a "light" approach to cryptocurrency and blockchain so that they have the potential to thrive just like the Internet.
In one of the titles of our chapters, we write that Congress and the regulators that oversees it should "Enable consumers greater access to new innovative financial services through the growth of FinTech, Crowdfunding, Blockchain and Criptovaluta." We note that the Securities and Exchange Commission (SEC), "without the authority of Congress, increasingly claims jurisdiction by labeling digital currency products as" securities "." We conclude that "such overcoming of the SEC and the threat of excessive regulation by other agencies could cool innovation in this sector and development in the improvement of blockchain distributed ledger technology that keeps its promises in all , from health care to land titration. "
We write that the goals of policymakers in passing and enforcing cryptocurrency laws should be "to ensure that the government has the tools to punish crypto-fraud but otherwise preserve the culture of innovation without permission" allowed the dynamic growth of the Internet and other technologies to proceed largely unimpeded. "I will also deepen the correct approach to regulating cryptocurrency in a future work.
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