The securitization of economies and the analysis of blockchain applications in terms of discourse analysis: Examples of U.S. government policies

Globalization has increased the economic dependency between countries. However, international monetary policies and market monitoring mechanisms are experiencing a lack of cooperation on the basis of the floating exchange rate system. The most obvious indicator of this deficiency is seen in the global economic crisis experienced in 2008. Payment problems experienced in derivative products in the United States domestic markets caused a global recession. International organizations responsible for preventing the crisis or reducing its effects have failed to fulfill their duties in many circles. In the years following 2008, the idea of storing debt records in a distributed architecture based on blockchain technology was published on the internet by a person or persons under the pseudonym of Satoshi Nakamoto. The abuse of the monetary system based on existing centralized debt records by credit rating agencies, banks and other financial circles is effective in the production of such an alternative. Blockchain technology has shown its usability in many different areas both as a medium of exchange and in the ongoing process with smart contracts. The most well-known examples are Bitcoin and Ethereum, which are examples of cryptocurrencies that have survived to the present day with their purchase and sale over the internet. Although the high volatility in crypto markets and the fact that there are still areas that are not legally regulated have brought about the formation of positive and negative views towards this innovation. As such, the US Congress is almost divided into two, those who support crypto laws and those who support the ban. Although there are many government agencies established in the US to monitor and protect the markets, each institution has put out different reports, press releases or conferences in their own fields of work with the emergence of this technological innovation. These publicly available documents were collected over time and the general opinion of the institutions on this issue was investigated by word analysis.