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Home » Blockchain in Finance: Legislative and Regulatory Actions Are Needed to Ensure Comprehensive Oversight of Crypto … – Government Accountability Office

Blockchain in Finance: Legislative and Regulatory Actions Are Needed to Ensure Comprehensive Oversight of Crypto … – Government Accountability Office

Blockchain in Finance: Legislative and Regulatory Actions Are Needed to Ensure Comprehensive Oversight of Crypto … – Government Accountability Office

Fast FactsBlockchain technology records data and transactions in a shared, tamper-resistant, decentralized digital ledger—offering the promise of faster and cheaper financial transactions with no middlemen.Recent price crashes, bankruptcies, and fraud involving blockchain-related products and services, such as crypto assets, raised concerns about how much regulation exists now and the risks consumers face. For example, there are gaps in federal regulation of stablecoins—a kind of crypto asset—and trading platforms for crypto assets, leaving consumers and investors subject to harm.We recommended that Congress consider legislation to address these risks.HighlightsWhat GAO FoundBlockchain allows users to conduct and record tamper-resistant transactions that multiple parties make… 

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