The US Government Accountability Office (GAO) has yet to decide if new regulations are needed to capture blockchain tech.
The agency, which provides investigative and auditing services to the US Congress, published a broad, multi-chapter report today on the state of fintech today. Included is a section on blockchain that explores details the technology itself while providing an overview of industry developments in recent months.
The release comes months after the GAO audited the digital currency policies of the Internal Revenue Service last year, releasing a report that warned the agency had left consumers at risk of perhaps unintentionally failing to meet their tax obligations due to its existing policies.
While the new report isn't so focused on one particular area of policy, it does echo a refrain among governments worldwide: that it's not certain if blockchain requires a new kind of regulatory framework.
The report notes:
, for example, the EU's top securities watchdog issued a similar statement, noting that, after more than a year of fact-finding and soliciting of public comments, its officials concluded that new regulations would be premature.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.