This week USA president-elect Donald J. Trump launched the greatagain.gov website. The website serves as a guide and summary of policies of the incoming Trump Pence 2016 American government. Two of the “GETTING AMERICA BACK TO WORK AGAIN” cornerstone platforms are Financial Services Reform and Regulatory Reform.
Financial Services Reform
The intent of Financial Services reform is “Federal policy should focus on free enterprise, while protecting consumers by policing markets for force and fraud.” In particular, the failed Dodd-Frank Act “… does not work for working people. Bureaucratic red tape and Washington mandates are not the answer.”
According to the website a Financial Services Policy implementation team will “be working to dismantle the Dodd-Frank Act and replace it with new policies to encourage economic growth and job creation.”
The new Financial Services platform could create an excellent environment for unleashing full blockchain potential. If the blockchain can be shown to encourage economic growth and job creation it is not too far fetched to see a pro growth administration support blockchain initiatives. This could be a win win scenario for the blockchain industry and American business.
A recent Chain of Things case study on Shipping demonstrates applicability: Case Study 3: Chain of Shipping. This study found that “Distributed blockchain ledger technology offers the potential to mitigate fraud and inefficiencies in the traditional paper-based Bill of Lading system.”
Similarly the intent of the incoming administration with Regulatory Reform could help the cryptocurrency industry. According to the website “Regulatory reform is cornerstone of the Trump Administration”, and “a thorough review to identify and eliminate unnecessary regulations that kill jobs and bloat government” is planned.
Regulations and regulatory bodies crushing financial innovation are up for scrutiny. The changes being put into place today could unleash the blockchain potential.
No donor class, elitist special interest groups, or political party paid for this content.