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Cryptocurrency should be added to the US-Japan trade deal

Substantial economic equities are at stake for both sides

| Japan
Representation of Ethereum cryptocurrency: blockchain systems are often deployed alongside networks that employ tokens and digital currency.   © NurPhoto/Getty Images

Sale Lilly is a senior policy analyst and Scott W. Harold is a senior political scientist at the nonprofit, nonpartisan RAND Corporation.

When the U.S. and Japan agreed on a Digital Trade Agreement in late 2019, they declined to include language governing cryptocurrency and blockchain technologies. Given that some of the earliest cryptocurrency markets began in Japan, and that many of the largest companies originate in the United States, this decision was somewhat surprising.

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