Lack of Regulation Hinders Development of Blockchain Technology in the USA — Coinzdaily
October 26, the head of the information agency Indian Express said that the United States cannot keep up with other countries in the field of innovative technologies, such as Blockchain. He noted that the government should revise outdated rules in order to support technological development.
During the India Mobile Congress 2018, Ajit Pye, chairman of the Federal Communications Commission (FCC), urged to discuss the issue of data transmission with such large companies as Facebook and Google.
Pai noted that telecommunication regulatory standards were first adopted in the United States in the 1930s, after which the law did not change dramatically. The government only introduced some amendments, which led to the fact that regulators are now unable to create an effective legislative environment for technologies such as blockchain, artificial intelligence (AI), and machine learning. He reported:
“[T]hese are very dynamic industries and one can foresee in coming decades – things like artificial intelligence, machine learning, blockchain, quantum computing will have significant impact on how communications networks operate. We don’t have jurisdiction over these firms but that’s one of the thing we are trying to learn about. What are the emerging technologies that will have an effect on this space and how should our thinking about regulation evolve.”
It is worth noting that, according to recent studies, the effective regulation of the sphere of innovative technologies will provide a huge income in the coming decade.
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