US made a statement on distributed ledger technology

US made a statement about distributed ledger technology. The US Government Accountability Office (GAO) states that the complexity created by financial regulators is getting in the way of distributed ledger technology (DLT) initiatives.

DLT firms do not know how to interpret regulations

GAO dated March 22 In his report, he says the developments are part of his fintech analysis of the benefits, risks and regulations associated with the industry.. This institution is also called “congressional observers” because it has the authority to improve regulations in this field.

The main topic in the applications made by DLT companies to the institution is that the regulations in the USA have not yet been grounded.. For this reason, it causes companies to experience delays in launching innovative products and services and not to offer these services and products completely within the borders of the USA.. The main reason for this problem is that we do not know how to interpret the regulations.

The report also addresses the risks of the crypto money industry

The following statements are included in the 132-page report of the GAO:

Due to the complexity of the US financial regulatory structure, fintech companies do not know exactly which laws they must comply with and under which regulatory heading their transactions are reviewed.

GAO also provides state-divided licensing and registration processes. states that the fact that each is different causes it to be characterized as prohibitive for DLT companies.. In the section where cryptocurrencies are discussed in the report, as the risks of this sector; It highlights the irreversibility of transactions, the possibility of theft, and fraudulent token sales. It states that it can reduce operational expenses and provide cheaper service to consumers.. In addition, the report includes cyber security applications and a 51% attack, which is one of the possible doomsday scenarios.

US has previously worked on distributed ledger technology

This is the GAO’s financial technologies or Blockchain. and it is not his first research on cryptocurrencies.

In April 2017, GAO published a report on Blockchain technology and contemporary industry development.. GAO was unsure at the time whether the new regulations would cover Blockchain technology and DLT. He sent a report about warning about risks and taking necessary precautions.

Coindesk