Do US lawmakers see blockchain as a ‘financial 9/11’?

Republican congressman Ted Budd has outed fellow legislators as being overly cautious of blockchain and cryptocurrencies, with some going as far as to regard the technology a “financial 9/11”, according to Budd.

Speaking at the Maker Speaker Series, the member of the House Financial Services Committee and the Congressional Blockchain Caucus, said fear was mounting over the impact of digital currencies, with lawmakers asking: “Will it hurt our national sovereignty, will it destabilize the dollar, is it a threat to national security?”.

“You even have some in the House that sit not too far from me on the House Financial Services Committee that would call blockchain basically a financial 9/11”, he said.

A hearing of the Oversight and Investigation Subcommittee earlier this month suggested that the proliferation of crypto trading could end with a financial bust, similar to the 2008 mortgage bubble which sent established financial institutions reeling.

However, Budd was confident that decentralized finance is not a threat to the economy. He rather feared that the US risked losing its control over the global financial system unless it adopted new technologies.

“It’s going to evolve, and I’d rather it evolve here in the US than other nations that could be hostile to us”, Budd added.

Budd is pushing for clear regulation on crypto and implementation that enables everyone to account for the future and what it would look like.

As legislators are still planning the future of crypto, it has already arrived. Consumers can readily spend crypto such as Bitcoin for entertainment on casinos such as Bitcasino.io, 1xBit and FortuneJack.

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Updated: 07/30/2021 — 11:00