Rep. Mick Mulvaney of South Carolina and Rep. Jared Polis of Colorado announced the Congressional Blockchain Caucus, crediting Coin Center's advocacy as crucial to the launch. The news followed House
Rep. Mick Mulvaney of South Carolina and Rep. Jared Polis of Colorado announced the Congressional Blockchain Caucus, crediting Coin Center's advocacy as crucial to the launch. The news followed House Resolution 835, which passed Congress 385 to 4, affirming the chamber's support for cryptocurrencies and blockchain technology.
Mulvaney said: "Blockchain technology has the potential to revolutionize the financial services industry, the U.S. economy, and the delivery of government services, and I am proud to be involved with this initiative on the ground floor." He added: "Coin Center has been an invaluable resource to help educate me and others on the inter-workings, importance of, and issues facing cryptocurrencies and blockchains."
Polis said: "From cryptocurrencies to supply chains to banking to property titling, blockchain-based solutions have the ability to decentralize cybersecurity and revolutionize many industries. It's vital for Americans, businesses, and members of Congress to learn about blockchain technology so the U.S. can continue to secure its stance as the global leader of ingenuity. The Blockchain Caucus will focus on raising awareness, advancing ideas that foster growth, and safeguarding consumers."
Some members of the Bitcoin community have criticized Coin Center and the Chamber of Digital Commerce for maintaining close ties to government. Critics point to the Blockchain Alliance, an educational forum connecting lawmakers with law enforcement, as evidence that the groups have drifted too close to Washington.
State legislatures have written most cryptocurrency regulations. Congress has stayed out of the space. Congress lacks knowledge of blockchain and cryptocurrency. Without it, lawmakers draft policy from fear about terrorism and drug trafficking. Coin Center provides that education.
The Congressional Blockchain Caucus signals a shift in federal attention. The early internet had defenders in Congress. Coin Center is building that role for cryptocurrencies.
Jerry Brito, executive director of Coin Center, said: "We are very excited by the formation of the Congressional Blockchain Caucus and look forward to continuing to work with its members to chart a path forward with the same type of light-touch regulation from which the early Internet benefited just a few decades ago."
