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Congressional Blockchain Caucus Launches in Washington

Last Updated March 4, 2021 4:54 PM
Samburaj Das
Last Updated March 4, 2021 4:54 PM

The bipartisan Congressional Blockchain Caucus, a collaborative effort aiming for a sound regulatory approach toward decentralized technologies including digital currencies, was launched in Washington yesterday.

Rep. Jared Polis (D-Colo.) and David Schweikert (R-Ariz.) announced the launch, with the latter replacing Rep. Mick Mulvaney (R-Sc) who is President Trump’s pick to head the Office of Management and Budget, essentially the business division of the Executive Office of the President.

First announced in September, the bipartisan congressional member organization focuses on the advancement of public policy toward cryptocurrencies and other blockchain-based technologies.

Rep. Schweikert said in statements:

Open blockchain networks and distributed ledger technologies are still new, but it’s critical for members of Congress to begin comprehending both their current applications and future use cases. It is critically important that the United States remain competitive regarding emerging technologies and distributed ledger technology is the open, secure efficient technology backbone we’ve been looking for.

The bipartisan member organization came to formation following the efforts of Washington D.C.-based non-profit Coin Center. The advocacy body interacted and worked with the two congressmen for two years, educating their colleagues around Washington of the innovation and potential of decentralized blockchain technology.

Meanwhile, Congressman Jared Polis has long been an outspoken supporter of bitcoin and digital currencies.

With the launch of the caucus, he stated:

Blockchain’s potential to reshape everything from the financial industry, to supply chains, to cybersecurity, to health care is something we should embrace. I look forward to the Caucus’s upcoming policy briefings and meetings that will educate members of the Congress on these innovative technologies.

The Chamber of Digital Commerce (CDC), a non-profit Washington lobby group that advocates encouraging policies toward bitcoin and blockchain technologies will also participate in the blockchain caucus. The CDC’s members who include likes of Microsoft, IBM, Chain, Bitstamp and Riple, among several others will also interact with Washington policymakers to play a role in fostering an innovation-friendly regulatory environment.

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