While lawmakers in the increasing number of statehouses are putting forward legislative initiatives that are nothing short of Blockchain-friendly (think Arizona, Wyoming or Georgia), federal policy architects on the Capitol Hill prefer to move one cautious step by another.
The month of February, however, has seen Congress finally take issue at heart and favorably incline their collective legislative ear to the SEC’s Jay Clayton’s and the CFTC’s J. Christopher Giancarlo’s crypto testimonies. Not only the landmark hearing laid the groundwork for moving the regulation forward but also elicited some of the Senators’ views on cryptocurrencies and beyond. Amid the building regulatory momentum, we round up what we already know about some of the congressmen’s stances on all things Blockchain.
Representative Jared Polis, D-CO
“The Blockchain has boundless potential.”
A poster child for a Bitcoin-friendly congressman, Representative Polis was instrumental in creating The Congressional Blockchain Caucus– a bi-partisan group rooting for the expansion of Blockchain technology and promoting hands-off regulatory approach. His initiatives included, among others, a bill that suggested making any cryptocurrency purchase under $600 tax-exempt, as well as a call for binding members of Congress and government to disclose their ownership of crypto assets.
Future prospects: Chances are that Polis is leaving the House before the end of the year. In June 2017 he announced his bid for Colorado governor, coming on top of the early polls shortly afterwards.
Representative David Schweikert, R-AZ
“This is going to create a revolution. It’s so much more than moving microcurrency.”
Schweikert, an Arizona Republican, is Polis’ closest confederate in championing the Blockchain cause. He serves as a co-chair of the Congressional Blockchain Caucus and has co-sponsored multiple bills aimed at expanding and facilitating the use of distributed ledger applications. One of his remarkable initiatives suggested that the Veterans Affairs Department implement a Blockchain system to track veterans’ medical appointments. In the 115th Congress, Schweikert sits on the Committee on Ways and Means.
Future prospects: Schweikert will be up for reelection in November 2018 in a race rated by most observers as safely Republican. Some