How Can US Gov’t Regulate Bitcoin, When It Doesn’t Even Know What It Is?

If the US government wants to figure out how to effectively regulate Bitcoin and cryptocurrencies while encouraging technological growth, elected officials on Capitol Hill will first need to learn how Bitcoin works.
Old Suits, New Technology
The average age of Members of the House at the beginning of the 114th Congress was 57.0 years; of Senators, 61.0 years — and almost all of them have no experience with Bitcoin or the cryptocurrency market.
One can count the number of verified Bitcoin supporters in Washington two hands. Only Gary Johnson, Greg Abbott, Jared Polis, Marco Rubio, Rand Paul, Adam Kokesh, and Patrick Smith are full-fledged Bitcoin supporters — as well as the Libertarian Party — though that’s likely more of an indicator that they’re interested in accepting BTC donations than proof they actually know what it is, let alone how to regulate it.
As such, Congress is finding it nearly impossible to grapple with an exploding technology, which threatens to undermine Central Banks and government control over currency.
In fact, some might even argue they lack the ability to affect positive economic policy in the first place — and cryptocurrency has only …

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