Crypto News | US Congress Economic Report Touches Cryptocurrencies

For the first time, a US Congress Economic Report dedicated a chapter to cryptocurrencies. Every year, the Joint Economic Committee publishes a US Congress Economic Report of the President for the current year. The report reviews the country’s economic status and makes recommendations for the year ahead. This year, there is a whole chapter dedicated to blockchain technology and cryptocurrencies. The report even refers to 2017 as “the year of cryptocurrencies”.  After providing a bit of background, the report tackles the possible applications of blockchain technology and makes recommendations to use blockchain technology as a tool to fight cybercrime and improve the country’s digital infrastructure.

At the same time, the US Securities and Exchanges Commission (SEC) views cryptocurrencies in a much less favorable light. Stephanie Avakian, the Commission’s Enforcement Division Co-Director confirmed in a recent interview that the SEC is conducting “dozens” of cryptocurrency investigations. As we know, the SEC has sent a number of subpoenas to shady ICOs, and Avakian’s confirmation seems to indicate that the investigation is just ramping up.

With government agencies taking an increased interest in the cryptocurrency space, serious research into cryptocurrencies and its various applications will soon become more valuable than ever. Dr. Paul J. Ennis, a lecturer in the College of Business, University College Dublin, together with James Waugh, director at Blueblock consultancy, and William Weaver, committee member of the Blockchain Association of Ireland, published earlier today an extensive opinion piece on “Tokenomics”, offering three different, yet connected definitions of the crypto economy. The first definition views “Tokenomics” as a “self-funding mechanism for projects”. The second definition sees tokens defined through their function. In the authors’ words, Tokenomics is defined as “the deployment of a token within the ecosystem of an ICO project”. Lastly, Tokenomics is the sum of all economic activity that a given ICO generates. If we can be so bold as to provide a unified definition, then Tokenomics or the crypto economy would be: A self-funding mechanism, characterized by tokens being released in ICOs, as well as all the economic activity that happens as a result of the ICO and the self-funding project.

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Author: Max Rothstein

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