Blockchain firms have tried selling lawmakers on the potential for dramatically reduced transaction costs.
Senate Banking Chairman Mike Crapo, R-Idaho, sees data privacy as one of the primary risks. (Bill Clark/CQ Roll Call file photo)
Concerns over data privacy and skepticism about just how unique and beneficial cryptocurrencies and other blockchain-based digital assets could be dominated Tuesday’s Senate Banking Committee hearing on regulating the new technology.
“This new digital currency and blockchain technology is a very real — and potentially helpful — innovation,” said Chairman Michael D. Crapo, R-Idaho. “It’s also potentially harmful as there can be some serious risk involved in it.”