Blockchain-Based Financial Services and Virtual Currencies: United States

Abstract

In this article, we analyze how the United States responds to blockchain technology, especially in blockchain-based financial services and virtual currencies. At the federal level, four different agencies have produced at least four different classifications of digital assorts—commodity, security, currency, and property. At the state level, only a handful of laws have been enacted, and numerous bills have been proposed. In addition, several court decisions have addressed the status of blockchain technology and smart contracts. Congress has provided some broad recommendations relating to blockchain and its applications. Overall, blockchain is seen as an exciting new technology, but virtual currencies have drawn skeptics worried about their speculative nature, volatility, and potential for consumer abuse.