THELOGICALINDIAN - Congressional associates arent all Luddites
Facebook took a beating this week, with the proposed Libra bill demography blaze from blockchain skeptics and decentralization advocates alike. But there is one argent lining to appear from this weeks’ hearings: the anticipation of a global, accumulated agenda cryptocurrency appears to accept spurred Congress into action.
Over a hundred assembly of blockchain businesses are in Washington D.C. today to accommodated with associates of Congress and their staffs for Blockchain Education Day. This will be the third Education Day hosted by the Chamber of Digital Commerce, the better advancement accumulation for the broadcast balance industry.
While Libra accustomed a chill accession at this week’s House hearings, several Representatives lent their advance to the Chamber’s blockchain businesses while highlighting some of the sticking-points for their colleagues in the legislature.
Swinging A Double-Edged Sword
“Whenever there is a new technology, it’s about consistently a bifold belted sword,” said Representative Bill Foster (D) of Illinois, a co-chair of the Congressional Blockchain Caucus. “In my district, the aboriginal appearance of [Blockchain] technology was back a baby belt was victim to ransomware.”
While new technologies tend to be greeted with fear, Foster said, their abeyant allowances may be harder to appreciate. “There has been a prohibition for the aftermost 21 years on accepting an cyberbanking bloom almanac arrangement with different accommodating identifiers,” he noted. “This [prohibition] was killing and continues today to annihilate tens of bags of Americans, artlessly from accepting incorrect or burst cyberbanking bloom records.”
While best consumers ability anguish about the dystopian abeyant for unified records, Foster said, the assessable allowances are generally overlooked.
Fear And Loathing On Capitol Hill
While best in Congress still anchorage reservations, they now arise to apprehend the coercion of acting on crypto technology to break advanced of the competition. “There is fear” in Congress, said Rep. Darren Soto (D) of Florida; the latest Facebook hearings accent the dangers of a agenda currencies beneath clandestine or adopted control.
“I anguish about governments that don’t allotment the aforementioned ethics that we accept assertive the aforementioned amplitude in the future,” Soto said. “Governments that may contour their citizens, that don’t accept a chargeless press, that don’t accept in capitalism, that don’t accept in according rights for everybody….that’s one of the affidavit that we accept to abound in these areas.”
While accomplished sessions of Congress accept been apathetic to act, there are now several measures beneath application to accommodate a added crypto-friendly authoritative environment. The House appropriations bill includes six measures apropos to blockchain technology, from allotment blockchain analysis by the FDA and aegis departments to allegorical IRS regulations.
In addition, proposed laws like the Token Taxonomy Act and the Safe Harbor Act would additionally advice assure investors and entrepreneurs, by attention affairs in agenda balance and angled assets.
Meanwhile, the ranks of blockchain advocates are additionally growing. eToro, the billion dollar advance platform, and crypto barter ErisX both appear that they were abutting the Chamber for Digital Commerce, in adjustment to apostle for absolute adjustment and legislation.
At atomic some assembly are listening. As blockchain entrepreneurs able for their closed-door affairs with associates of Congress, Arizona Rep. David Schweikert (D) offered a few words of encouragement.
“This is the revolution,” Schweikert said. “We aloof accept to advertise it.”
