Coin Center’s efforts in Washington D.C. seem to be paying off. A bipartisan caucus dedicated to the “advancement of sound public policy” relating to blockchain technologies has been formed. Rep. Mick Mulvaney (R.-SC) and Rep. Jared Polis (D.-CO) announced the formation of the Congressional Blockchain Caucus and credited Coin Center in being vital in its formation.
This news comes hot off the heels of House Resolution 835, which pronounced the House’s support for cryptocurrencies and blockchain technology. That resolution passed overwhelmingly through Congress with a 385 to 4 vote.
“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.” Said Rep. Mulvaney in a statement emailed to the media by Coin Center. “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.”
Some segments of the Bitcoin community have criticized Coin Center and The Chamber of Digital Commerce, another non-profit Cryptocurrency think-tank, for their close relationship with the government. The brunt of the criticism has been focused on the Blockchain Alliance, an educational forum open to law enforcement.
Segments of the bitcoin community are unlikely to be pleased by any group working with the government but today’s development shows why interaction with the government is important. Knowledge is the world’s most powerful resource and arming Congress with it is the best way to encourage favorable legislation. It is natural to fear what you don’t understand and fear is often the cause of misguided legislation.
Groups like Coin Center can educate members of Congress on the benefits of bitcoin, making them less likely to be cowed by fearmongering utilizing concerns of terrorism and drug trafficking.
“From cryptocurrencies to supply chains to banking to property titling, blockchain-based solutions have the ability to decentralize cybersecurity and revolutionize many industries.” stated Rep. Polis in the same emailed statement. “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.”
Most regulation developments has been on the state level. It appears that the federal government is finally taking an interest in cryptocurrencies and blockchain technologies. With that being the case, Coin Center’s contributions could prove invaluable. Early in the Internet’s history, it had groups in Washington fighting for its interests. Coin Center is quickly becoming a leading voice in shaping cryptocurrency regulation. The Congressional Blockchain Caucus and House Resolution 385 are the latest fruits to bear from their labor.
“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.” said Jerry Brito, the executive director of Coin Center.
We will continue to report on Bitcoin and blockchain regulation as information becomes available.