US FCC Chairman on Blockchain regulations

“This is a real test to come level in the playing fields amid evolving techs, which includes blockchain, and not disadvantage any of them”, Aijt Pai, U.S. FCC Chair stated.

Blockchain regulation is one of the major developments going on in the tech industry now. The distributed ledger technology has been touted by many to be the saviour to tracking of records, supply chains, voting, retailing, travel and a whole lot more. But for the tech to go fully functional in some places, there have to be ground rules to regulate how the tech can be used or not used.

The government agency that is responsible for the regulation of radio, television, wire, satellite, and cable – the chair of the Federal Communications Commission (FCC) – voiced to the Indian Express that it might be essential to grow the realm of the telecom regulator (FCC) to include the evolving tech.

 “So one of the challenges is to figure out how we find a level-playing field that promotes investment and innovations for all these firms without disadvantaging any one of them. The second issue is that these are very dynamic industries and one can foresee in coming decades – things like artificial intelligence, machine learning, blockchain, quantum computing will have significant impact on how communications networks operate.”

He added that since they don’t have authority over these companies yet, the FCC is having a look into the situation and “how should [their] thinking about regulation evolve” as developing technologies increase their power on the space. “No time ever has been more challenging than the 21st century”.

Pai argues that most of the monitoring structures in the U.S for the FCC are very much archaic, adding that the Communications Act, which the FCC administers, was initially developed in 1934 and consequently edited in 1992 and 1996.

“That Act still contemplates that wireless service is separate from regular telephone services, which is completely separate from cable service, which is separate from satellite service. When it comes to broadband, all four industries are vigorously competing.”

The chair of the FCC, who was a direct appointment by President Donald Trump of the U.S., brought about attention for his efforts to roll back net objectivity, which limits internet service providers from subjectively regulating bandwidth access to particular webs and apps.

This matter might give threats to the cryptocurrency ecosystem as without net objectivity, an internet service provider that is in the ownership of a conglomerate can decide to engross the exchange, and charge customers extra or buckle down speeds.

Limited access to cryptocurrency exchanges might end up in lower industry growth, marketing volumes, and digital currency market prices. This will cause more problems for new operators coming into the market and Bitcoin miners might also see the fast falling of the profit for nodes or even bans from internet service providers.

The FCC gave out a Notification of Harmful Interference in February 2018 to a New York-based Bitcoin miner who was given an order to shut down his mining rig – Antminer S5 Bitcoin Miner – for prying with T-Mobile’s wireless network.

Featured Image via Reuters

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