US lawmakers want Trump advisor to promote blockchains

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It’s no secret that the U.S. is lagging behind when it comes to blockchain and cryptocurrency regulations. Several lawmakers have already tried to force change by introducing a number of laws and in departments such as the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), certain individuals have been vocal about the need to place some urgency to the industry. However, the efforts don’t seem to have their desired effect and the government continues to drag its feet. Now, a group of lawmakers is taking a different approach and is hoping to get someone close to President Trump’s ear to light a fire where it needs to be lit. 

Representatives Trey Hollingsworth of Indiana and Darren Soto of Florida have sent a letter to the director of the National Economic Council, Larry Kudlow. In it, they want the advisor to use his influence, and proximity, to help Trump pick up the pace and to include blockchain as part of his Administration’s initiatives on emerging technologies.

The lawmakers assert in their letter, “Blockchain technology is an example of digital innovation that has the potential to transform a myriad of industries through its ability to improve the transparency, efficiency, and security of transactions and information in the financial services, health care, insurance, trade finance, and supply chain management sectors, among many others.” 

Hollingsworth, who is the Vice Ranking Member of the House Financial Services Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, states in a press release, “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. 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, a member of the House Energy and Commerce Subcommittee on Communications and Technology adds, “Blockchain has the profound potential to benefit society and be a driver of economic growth. It is crucial we continue to be informed on new initiatives and educate Congress and other government agencies on the impact of these emerging technologies. I’m proud to take bipartisan action in promoting blockchain.”

The letter was also signed by other Representatives, including Bill Foster, Tom Emmer, Ted Budd, Josh Gottheimer and David Schweikert.