Yesterday, US Rep. Warren Davidson (R-OH) stated in an interview with NPR that blockchain technology could potentially be used as a means to fund the border wall that has become little more than a political football in Congress, with President Donald Trump recently threatening a government…
Yesterday, US Rep. Warren Davidson (R-OH) stated in an interview with NPR that blockchain technology could potentially be used as a means to fund the border wall that has become little more than a political football in Congress, with President Donald Trump recently threatening a government shutdown if congressional Democrats fail to deliver funding for the national security project on which he based his presidential campaign.
Davidson and other Republicans have been investigating alternative means to fund the wall if federal funding fails to materialize. Crowdfunding and voluntary contributions from the citizenry are one avenue they have been thoroughly investigating, with Davidson introducing a bill not long ago dubbed “Buy a Brick, Build the Wall” which would enable the Treasury to accept donations into a “Border Wall Trust Fund” account it is ordered to establish for the funding of the border wall.
It’s essentially an invitation for pro-Trump Americans to put their money where their mouth is. The bill does not specifically mention the use of blockchain technologies in the receipt of such donations, but Davidson’s NPR interview gave him the opportunity to elucidate his vision a bit further. In the interview, Davidson said:
“You could do with this sort of, like, crowdfunding site. Or you could even do blockchain, and you could have wall coins. But you could raise the money. And frankly, if we get it right at the Treasury, you could even accept Mexican pesos.”
CCN wanted to be clear on the meaning of this statement, so we contacted Davidson’s DC office for comment. They said definitively that he is not – at this time, at least – looking to build a crypto token or tokenized asset for the funding of the wall. There will be no “wall coins,” so keep that in mind in the event that any scam artists attempt to develop such a thing hoping to fool hopeful conservatives. What Davidson is really saying is that the wall will be built one way or another, and in a world where we have blockchains, it’s possible to find ways to fund such a massive project entirely free of budgetary dollars.
A number of monied interests in the United States have supported Donald Trump and his border wall strategy with funding and moral support throughout his presidency. The Border Wall Trust Fund, if it passed, would give them the opportunity to send money specifically for the completion of one of Trump’s biggest — and most controversial — campaign promises.
The blockchain could be used, if necessary, in a number of ways. Smart contracts could be developed for funds to be released based on certain milestones, or the equivalent of Treasury bonds could for the first time be issued on a blockchain. Such things are most likely just pipe dreams at this point, though. Warren Davidson is but one voice in a House of Representatives that will be composed of a majority of pro-regulation, anti-border wall Democrats beginning in January.
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Last modified: January 24, 2020 10:49 PM UTC