House of Representatives Proclaims Support Of Blockchain, Non-Fiat Currencies

The document addresses modernization of American finance. It points to 24,800,000 underbanked households as a problem and raises concerns about cybersecurity and identity theft. The resolution took a positive stance toward blockchain and alternative currencies. It described emerging payment options as "leveraging technology to improve security through increased transparency and verifiable trust mechanisms to supplant decades old payment technology deployed by traditional financial institutions." It credited blockchain technology with "the potential to fundamentally change the manner in which trust and security are established in online transactions" across sectors including financial services, payments, healthcare, energy, property management, and intellectual property management.

The overwhelming vote margins reflect how congressional attitudes have shifted. In 2014, Senator Joe Manchin called for an outright ban on Bitcoin. His proposal attracted little support. Manchin did not participate in this week's House vote because the measure passed the House rather than the Senate, yet the massive backing indicates how much opinion in Washington has changed.

Coin Center, a Washington-based crypto research and advocacy organization, welcomed the result. Executive Director Jerry Brito said in an email: "With this resolution, it's great to see Congress embracing the opportunities for innovation that open blockchain networks present, rather than fearing or rejecting them. This resolution also signals that Congress is open to legislation to make their stated policy a reality." Coin Center has published a proposal for federal safe-harbor protections for non-custodial Bitcoin users. Brito's comments suggest the organization plans to push Congress toward enacting similar protections as follow-up legislation to this resolution.