H.R.es111 - Expressing support for blockchain technology and digital assets. (119th Congress)
Summary
H.Res.111 expresses support for blockchain technology and digital assets. It recognizes their potential to foster economic growth, improve financial systems, and enhance transparency. The resolution encourages the United States to become a global leader in the development and adoption of these technologies, while also emphasizing the need for a functional regulatory framework that protects consumers and market participants.
Expected Effects
If passed, this resolution would signal Congressional support for blockchain and digital assets. This could lead to increased investment and innovation in the sector. It may also spur the development of clearer regulatory frameworks at the federal level.
Potential Benefits
- Fosters innovation and economic growth by supporting a new technological sector.
- Improves financial systems by increasing efficiency and accessibility.
- Enhances transparency and reduces transaction costs through blockchain technology.
- Provides law enforcement with tools to trace and identify illicit activity.
- Encourages the development of clear legal frameworks that protect consumers.
Potential Disadvantages
- The resolution itself does not create any legally binding obligations, so its impact is dependent on future legislation and regulatory actions.
- Rapid development of digital assets could create regulatory uncertainty and potential risks for consumers if not properly managed.
- The resolution does not address potential environmental concerns related to the energy consumption of some blockchain technologies.
- Could lead to regulatory capture if the framework is not carefully designed to balance innovation and consumer protection.
- The resolution does not address the potential for increased financial inequality if access to digital assets is not equitable.
Most Disadvantaged Areas:
Constitutional Alignment
The resolution aligns with the Constitution's broad goals of promoting the general welfare (Preamble). Congress's power to regulate commerce (Article I, Section 8) provides a basis for enacting a functional framework for digital assets. The resolution's emphasis on protecting consumers and market participants is consistent with the government's role in ensuring a fair and stable economy.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).