U.S. Congress Sees a Bipartisan Caucus for Bitcoin and Blockchain

congress
Source: Shutterstock

Coin Center, a Washington D.C.-based non-profit and advocacy center focusing on public policy issues facing bitcoin and blockchain technology has led an effort that now sees the formation of a Congressional caucus focused on studying the innovation.

Washington is buying in to Coin Center’s efforts to help policy-makers understand decentralized, open technologies such as the Bitcoin and Ethereum blockchains.

In an announcement today, Rep. Mick Mulvaney (R-SC) and Rep. Jared Polis (D-CO) announced the formation of the Congressional Blockchain Caucus. The new caucus – a congressional member organization – will be entirely dedicated to the “advancement of sound public policy toward cryptocurrencies and other blockchain-based technologies,” a press release communicated to CCN revealed.

Jared Polis, a Democrat congressman from Colorado has notably been a bitcoin advocate for years together. The group’s other headline supporter Rep. Mulvaney, the Republican congressman from South Carolina pointed to Coin Center as an “invaluable resource” that helped educate him and many others of the workings, potential and challenges facing cryptocurrencies and blockchain technology.

He stated:

Blockchain technology has the potential to revolutionize the financial services industry, the U.S. economy and the delivery of government services, and I’m proud to be involved with this initiative on the ground floor.

Jerry Brito, executive director of Coin Center revealed that the new caucus comes after two years of working with the two congressmen to educate their colleagues about the innovation and transformative potential of decentralized blockchain technology.

He added:

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.

Coin Center’s efforts seem to have paid off, shifting the narrative that has seen bitcoin and cryptocurrencies frequently associated with the likes of drug trade and to a lesser extent, terrorism financing. More importantly, the very notion of a congressional group seeking to educate itself and understand the innovation prior to policy-making underlines the importance of Coin Center’s role, one which could lead to favorable legislation for cryptocurrencies in the future.

“From cryptocurrencies to supply chains to banking to property titling, blockchain-based solutions have the ability to decentralize cybersecurity and revolutionize many industries,” Rep. Jared Polis added.

CCN has reached out to spokespersons at Coin Center and the congressmen for additional comment.

 Featured image from iStock/uschools.