CRS-加密货币：选定的政策问题（英）-33页
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Cryptocurrency: Selected Policy Issues
Congressional Research Service
Contents
Introduction ..................................................................................................................................... 1
What Is Cryptocurrency? ................................................................................................................. 3
Blockchain, Decentralized Consensus, and Cryptography ....................................................... 4
Transactions .............................................................................................................................. 6
An Overview of Crypto Markets ..................................................................................................... 7
Cryptocurrencies ....................................................................................................................... 7
Bitcoin ................................................................................................................................. 8
Ethereum ............................................................................................................................. 9
Stablecoins ........................................................................................................................ 10
Central Bank Digital Currency ................................................................................................. 11
Ways to Interact with Crypto .................................................................................................. 12
On-Chain Transactions...................................................................................................... 12
Decentralized Finance (DeFi) ........................................................................................... 14
Off-Chain Transactions ..................................................................................................... 14
Cryptocurrency Exchanges ............................................................................................... 15
Crypto on Payments Apps ................................................................................................. 16
Traditional Financial Institutions and Crypto ................................................................... 16
Selected Policy Issues ................................................................................................................... 17
Inclusion and Scalability ......................................................................................................... 17
Privacy versus Security ........................................................................................................... 19
Existing Regulation of Cryptocurrency................................................................................... 20
Applicable SEC Framework ............................................................................................. 21
Applicable CFTC Framework ........................................................................................... 23
Applicable Bank Framework ............................................................................................ 24
Applicable Money Services Businesses Framework ........................................................ 25
The Future of Cryptocurrency Regulation .............................................................................. 26
Tax Implications ...................................................................................................................... 28
Energy Intensity ...................................................................................................................... 29
Outlook .......................................................................................................................................... 30
Figures
Figure 1. Traditional Payments........................................................................................................ 3
Figure 2. How Does a Transaction Get into the Blockchain? ......................................................... 6
Contacts
Author Information ........................................................................................................................ 30
Cryptocurrency: Selected Policy Issues
Congressional Research Service 1
Introduction
In January 2009, Satoshi Nakamoto—the pseudonym of an unidentified computer scientist (or
collective of scientists)—mined the first block (or group of transactions) on the Bitcoin network a
few months after publishing the “Bitcoin Whitepaper.”
1
This Genesis Block—as the first
transaction on the Bitcoin network was called—included an encoded message that referred to a
newspaper headline published around that time: “Chancellor on brink of second bailout for
banks.”
2
The article the block referenced described a bailout for English banks in the immediate
aftermath of the global financial crisis. While the message was relevant historical context for
when the transaction occurred, transactions processed on the Bitcoin network include dates and
timestamps, so the reference to the English bank bailout was unnecessary. Instead, Satoshi
Nakamoto and commentators have since clarified that this allusion to banking conditions was
intended to draw a contrast between the new financial paradigm Bitcoin represented and the
traditional financial system.
3
These early developers did not want to rely on a financial system
dependent on third parties—especially governments and central and commercial banks—but
instead created a system to bypass them.
Cryptocurrency’s initial use case was as a combined payment system and unit of account that
eschewed intermediaries. Traditional payments systems are composed of various banks, payments
processors, credit card networks, central clearinghouses, central banks, and a vast technological
infrastructure that supports it. In this system, banks ultimately validate customer transactions and
log the details of the transactions digitally in their private ledgers. Banks then submit these details
via messaging networks, which authorize transactions to occur, and ultimately facilitate the
exchange of funds at banks’ master accounts at a national central bank, which in the United States
is the Federal Reserve. As such, transactions between two individuals with accounts at two or
more different financial institutions involve at least two commercial bank ledgers and the ledger
of at least one central party, which acts as an intermediating agent for the transacting parties. (See
Figure 1 for a simplified version of transactions.) In addition to this massive infrastructure, the
system requires trust and security, which safeguards deposits regardless of economic conditions.
It requires that banks perform their responsibilities effectively and maintain effective risk
management controls, including over their payments systems. Moreover, it obligates banks to do
their best to safeguard their data and extend services to qualifying customers.
Cryptocurrency, on the other hand, is a payment and value storage system that functions as
“electronic cash protected through cryptographic mechanisms instead of a central repository or
authority.”
4
In lieu of independent financial institutions with individual ledgers relying on third-
1
For information on the Genesis Block, see Brenden Rearick, “What Is the Genesis Block? 8 Things to Know as
Investors Celebrate ‘Bitcoin’s Birthday,’” Yahoo, January 3, 2022, https://www.yahoo.com/now/genesis-block-8-
things-know-215101010.html. Satoshi Nakamoto, “Bitcoin: A Peer-to-Peer Electronic Cash System,” October 10,
2008, https://Bitcoin.org/Bitcoin.pdf.
2
The headline is from a story published in The Times on January 3, 2009. See this article at Bryce Elder, “Happy
Birthday to a Giant Ponzi Scheme,’ from Bitcoin’s Accidental Co-Creator,” Financial Times, January 3, 2023,
https://www.ft.com/content/465fb224-3fc9-4b37-81d4-39eece1041df.
3
Pymnts, “A Bitcoin Declaration of Financial Independence,” July 4, 2022, https://www.pymnts.com/blockchain/
Bitcoin/2022/a-Bitcoin-declaration-of-financial-independence/. See http://p2pfoundation.ning.com/forum/topics/
Bitcoin-open-source?id=2003008%3ATopic%3A9402&page=1 for a blog post attributed to Satoshi Nakamoto on the
role of central banks in the past.
4
Dylan Yaga et al., Blockchain Technology Overview, National Institute of Standards and Technology, October 2018,
p. iv, https://nvlpubs.nist.gov/nistpubs/ir/2018/NIST.IR.8202.pdf.
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