Seven U.S. Members of Congress Urge Administration to Support Blockchain Technology

This week, seven Members of Congress wrote a letter to the Director of the National Economic Council requesting that the Administration “hold a forum on blockchain technology and include blockchain technology in the initiatives the Administration intends to promote on emerging technologies.” The letter is the first step in making blockchain technology – the innovation and the economic benefits that come with the technology – a national priority. The letter was led by Congressman Trey Hollingsworth (R-IN) and supported by members of the Congressional Blockchain Caucus including Darren Soto (D-FL), Bill Foster (D-IL), Tom Emmer (R-MN), Ted Budd (R-NC), Josh Gottheimer (D-NJ) and David Schweikert (R-AZ). The Chamber was happy to work with Congressman Hollingsworth and his staff to bring life to his vision to support blockchain technology on a national level.

We view the letter as a key component of the Chamber’s National Action Plan for Blockchain, which calls on the U.S. Government to make support of blockchain technology a priority.  Specifically, it:

• • • • Urges the U.S. Government to publicly support the development of blockchain technology in the United States; and
      • Provides a set of guiding principles for government as it considers how best to support blockchain technology, including that industry must lead innovation.

The current regulatory environment is stifling innovation in the United States and this letter will help spark an important national conversation about these issues.  The forum will bring together key public and private stakeholders to address the benefits of the technology, how it can improve business and government processes and promote financial inclusion, while focusing on important barriers to the responsible development of the technology.

Moreover, the U.S. Government is currently supporting key technological advances in 5G, artificial intelligence, and quantum computing.  Blockchain technology is widely recognized to have similar transformational potential and must be developed and promoted as a key technology that will fuel cutting edge industries of the future.

“Innovation is part of this country’s DNA and our efforts to further develop blockchain technology can help our country remain a leader in invention and modernization,” said Rep. Trey Hollingsworth, Vice Ranking Member of the House Financial Services Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets. “I am encouraged by the Administration’s efforts to explore financial technology and artificial intelligence and I look forward to working together as the technology evolves.”

We fully support Congressman Hollingsworth and the members of the Blockchain Caucus as they advocate for the promotion of blockchain.  These efforts bring the blockchain ecosystem one step closer to realizing the vision presented in the National Action Plan for Blockchain – one where blockchain technology benefits industry, government, and consumers alike.