Congressional Resolution Calls on US Government to Support Blockchain
A new resolution submitted to the US House of Representatives calls for the development of "a national policy for technology" that would include digital currencies and blockchain technology.
It invokes the idea of bitcoin without calling it by name – referring to "alternative non-fiat currencies" – and blockchain tech, which it says has the potential to "fundamentally change" how trust and security are established in online transactions.
The non-binding resolution is sponsored by Rep Adam Kinzinger, a Republican from Indiana, and Representative Tony Cardenas, a Democrat from California, is co-sponsoring the bill.
The resolution goes on to say that these alternative currencies are "leveraging technology to improve security through increased transparency and verifiable trust mechanisms to supplant decades-old payment technology deployed by traditional financial institutions”.
It states:
"The US should develop a national policy to encourage the development of tools for consumers to learn and protect their assets in a way that maximizes the promise customized, connected devices hold to empower consumers, foster future economic growth, create new commerce and new markets.”
The submission goes on to encourage the US government to promote the advancement of alternative technologies that "support transparency, security and authentication". At the same time, it calls for innovators to develop technologies that encourage consumer commerce.
A representative for Rep Cardenas was not immediately available for comment when reached. Kinzinger’s office did not immediately respond to a request for comment.
The resolution was referred to the Committee on Energy and Commerce. One of its subcommittees held a hearing on bitcoin and blockchain tech earlier this year, which largely served as an introduction to the technology.
Other members of Congress have indicated support for the technology or even solicited donations in bitcoin, including Senator Rand Paul, a Republican from Kentucky, who accepted bitcoin donations for his failed 2016 presidential campaign.
The resolution's introduction has won early praise from advocates of the technology who work on Capitol Hill, including Jerry Brito, executive director of the non-profit Coin Center.
"The proposed House Resolution from Rep Kinzinger shows that many in Congress understand that the federal government should adopt policies that encourage blockchain innovations to flourish," he told CoinDesk.
However, the timing of the resolution's introduction indicates that it may be some time before the Energy and Commerce Committee actually moves to address it.
The resolution was introduced on 14th July, just before Congress began a weeks-long recess ahead of the 2016 presidential election. Both the House and Senate won't reconvene until the first week of September.