That means that it is subject to change which also provide confusion for a number of other implications regarding the increasingly popular asset. One challenge is how the institutions involved in trading or providing services like custodial services of these assets need to treat them for clients. This impacts how they report to both the governmental agencies and clients themselves. Given the inconsistencies that can arise, many transactions can go unreported.
Lastly, the GAO also mentions that they need to address how requirements for reporting of these assets when held outside of the United States. Given the digital aspect of most of these assets, there is no clear view of where they really are given the decentralized nature of most Blockchains and their cryptocurrencies. This can impact not only individuals who use the assets but also the institutions once again that participate in them in any way as well.
It was great to see their stance on this as it is imperative that the government clarify these and other items regarding regulation and laws. Many believe that because specific laws have not been written with direct relation to the digital assets, they do not apply but the government and some agencies have sought ways to use old laws and their frameworks to treat some of these assets. The Securities laws is just one example of these that must be clarified to foster further development of the opportunity that is Blockchain technology. A well needed ally in my opinion!
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The U.S government should look elsewhere for something to do. Trying to regulate the crypto market is not going to work.
Crypto currency was built on the principle of "no government regulations", freedom of transactions, hence the core principle of it being decentralized.
I suggest the U.S government go and read all the white papers linked to the birth and operation of crypto currency.
Cheers
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