Tag: US Congress

A bill to fight coronavirus has been introduced by the United States Congressman Stephen Lynch of Massachusetts. It is towards the establishment of a blockchain network that is able to oversee the distribution of personal protection equipment (PPE), ventilators as well as other essential medical equipment during the ongoing pandemic. The National Emergency Biodefense Network was established for the regulation of the supply of drugs, vaccines, medical devices, as well as other supplies. The bill called the “Strategic National Stockpile [SNS] Enhancement and…

As the markets continue to shift negatively, the US looks to Congress for agreement on a significant stimulus package to rescue the economy from impacts of the coronavirus pandemic. The Democrats in the US house want to create a ‘digital dollar’ and the establishment of ‘digital dollar wallets according to a proposed draft stimulus bill, which has been circulating ahead of formal publishing. The digital wallets would be maintained by the Federal Reserve Bank. The new proposals will facilitate payments…

Recently the US Congress scheduled a new sitting on hearing about digital currencies. This hearing will majorly focus on the local and global ways to approach digital currencies. This meeting will be taking place on March 24.  The host of the hearing will be the House committees that focus on Financial Services, with the specific subcommittee tasked for that being the subcommittee on National security, international development, and monetary policy.   This is not the first hearing of the kind; several…

Recently, there is a rise in women and children trafficking in the United States. However, critical observation of human trafficking is currently ongoing. The US lawmakers, and the Department of Justice under the Attorney General William Barr, are considering the prohibition of cryptography. Barr is against end-to-end encryption and believes human traffickers highly depend on digital communication and the internet, and these perpetrators should get detected and addressed. Barr also pointed out that digital proof is undergoing encryption and that…

Following laws and amendments made by the United States regarding bill preparation on stablecoins, concerns related to various technologies and firms interested in cryptocurrency creation are raised.  The House committee drafted legislation proposed on 15th of July 2019, focuses on Libra by Facebook, and primarily restricts these large technology firms from operating practices similar to financial institutions. The large technology firms implied in the draft legislation are majorly the online platform service providers who are minimum annual revenue earnings approximate…