Crypto for Congress campaign marks historic step for blockchain

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Date Published

10/09/2020

Mainstream adoption of cryptocurrency and blockchain has been gradually ramping up over the past few years, with industries from healthcare to supply chain and everywhere in between innovating solutions that leverage this groundbreaking technology.

We are now seeing another big and unprecedented step in this arena, as crypto is officially making its way into the government sphere.

U.S. lawmakers and some of the nation’s most prominent cryptocurrency firms are coming together to educate government authorities on the potential of crypto and blockchain. Led by a political action committee and top firms like BlockFi and Circle, the education campaign seeks to pave the way for crypto to compete alongside other forms of currency in the U.S.

Here are the finer details of the campaign and what this means for the future of digital assets.

About the campaign

The campaign – officially being dubbed “Crypto for Congress” – is putting $50 worth of bitcoin into the hands of all 535 members of U.S. Congress, with the primary goal of providing them with firsthand experience in using the virtual tokens.

This is the first time all members of Congress will interact with blockchain and crypto, and is thus being viewed as an occasion just as momentous as the first time these same members opened their first email or sent their first tweet.

The CDC and CBC

To help support the campaign, the Chamber of Digital Commerce (CDC) is providing online training and additional resources to help Congress members learn to engage within crypto networks.

The CDC is backed by the Congressional Blockchain Caucus (CBC) – an alliance composed of 24 U.S. lawmakers who have strong belief in the future of these technologies.

But the efforts don’t stop there. Two chairmen of the CDC are also pushing for changes in legislation that would further the adoption of crypto in mainstream circles. Three crypto-related bills have been proposed within the last two weeks alone.

One directs the Department of Commerce and the Federal Trade Commission to conduct independent reports on the state of blockchain in commerce. This would also include identifying threats to our national security caused by the increasing adoption of crypto.

Another seeks to amend the Securities Act of 1933 by further legitimizing digital currencies and making it so they fall under a new asset class between securities and commodities. This would allow companies to freely sell digital coins on the open market – as long as they do not entail an investment contract.

What this means for crypto and blockchain

Cryptocurrency and governing entities have long remained entirely separate from one another, with one of the main draws toward crypto being its lack of regulation. While it’s uncertain what this step will mean for the future regulation of the crypto space, it undoubtedly signals a growing adoption of this technology and is sure to increase the likelihood of institutional investment and further development from some of the most powerful groups in our country – and the world.

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Date Published

10/09/2020

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