Congress Members Urge Trump’s US National Economic Council to Promote the Use of Blockchain

On Friday, May 24, 2019, Members of Congress formed an alliance in writing a bipartisan letter focused towards the Director of National Economic Council, Larry Kudlow. The letter, which was namely led Representatives Trey Hollingsworth and Darren Soto, discussed the need to promote blockchain technology and how it has the ability to do wonders across several diverse industries.

As per Hollingsworth, the US is known for innovation, arguing that it makes no sense for the country not to dive into blockchain industry. Highlighting its importance, he believes, will help keep the US as the leader of the world, especially with respect to technology. He also shared the following:

“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.”

Soto has since expressed a similar sentiment, where he too sees blockchain having a positive impact on society. Furthermore, he reasoned that education is key and ensuring that every member of society is educated on what exists, what’s making its way and governmental perspectives is fundamental. He said:

“I’m proud to take bipartisan action in promoting blockchain.”

An important aspect that has since been stressed in the letter is regulation. The Members of Congress contended that previously passed laws are having a negative impact on today’s emerging technologies, indirectly stating the presence of possible barriers. Here’s an extract of the letter:

“Laws dating back to decades are proving difficult to apply to emerging technologies, and a lack of regulatory clarity may be dampening investment.”

The Members also provided other suggestions in terms of promoting blockchain technology. One that stands out, and should be considered foundational to the entire process, is the coming together of different, but important groups:

“To continue its standing as a world leader in technological innovation, the United States should engage with policymakers, the private sector and academia to promote research and development of blockchain technology.”

To read the complete letter, click here.