U.S. Congress establishes blockchain policymaking committee

Today, U.S. Congressmen Jared Polis and David Schweikert announced the launch of the Congressional Blockchain Commission. This bipartisan commission will improve public policy on blockchain technology and digital currencies.

“Blockchain has the potential to transform the 21st century economy,” Polis said. “Lawmakers need to understand that as the world rapidly changes, we have a responsibility to ensure that the policies and laws we enact match our ingenuity. Blockchain has the potential to reshape so many sectors, from finance to supply chains to cybersecurity and even healthcare, and it’s a technology we should embrace. I look forward to the upcoming policy briefings and meetings of this committee, which will educate members of Congress on these innovative technologies.”

“Open blockchain networks and distributed ledger technologies are still new, but they are something that members of Congress need to understand urgently,” said Congressman Schweikert. “It is critical that the United States remain competitive in response to these emerging technologies, and distributed ledger technologies are the open, secure, and efficient technology backbone we are looking for.”

Polis is understood to have relaunched the bipartisan committee with David Schweikert, who will replace Congressman Mick Mulvaney, the former co-chair of the blockchain committee.

“Coin Center is pleased to have a panel dedicated to this revolutionary technology and to discussing important policy issues,” said Jerry Brito, Executive Director of Coin Center. “Blockchain technology has the potential to disrupt many industries, but it also poses risks. Its development can be hampered by outdated regulation. We applaud Congressmen Polis and Schweikert for their foresight in creating a congressional forum to help members of Congress learn about this technology, and we are honored to be able to help them in this effort.”

Blockchain is a decentralized distributed ledger that is the core technology that powers Bitcoin and Ethereum. Using mathematics and cryptography, blockchain provides a decentralized database for every transaction of value. Blockchain creates a reliable record that can be verified by the user community, which increases transparency and reduces fraud.