Congressional Research Service Issues Report on Blockchain and International Trade
The Congressional Research Service gave a broad overview of the potential applications and regulations involved in blockchain and international trade, in a report updated June 25. Among other things, the CRS discusses the ongoing exploration of blockchain uses within CBP.…
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There remains much uncertainty as to where regulators will fit in, the CRS said. "Congress may conduct oversight or hold hearings on regulatory uses of blockchain for increasing the efficiency and security of customs and border control, food and product safety supply chain traceability, or other applications," it said. "Congress may also conduct oversight to review how regulatory agencies are applying existing laws and regulations to blockchain or to study how other countries are applying and regulating the use of the technology. Congress may review existing legislation to identify barriers to the technology, such as statutory requirements for paper documentation."