Author: Makkie Maclang
Bitcoin Association has just launched an online video series entitled Bitcoin Policy
Matters, which aims to discuss the political landscape that affects digital currencies. In
the pilot episode, Bitcoin Association founding president Jimmy Nguyen interviews U.S.
Congressman Patrick McHenry (R-NC 10), Republican Leader of the House Financial
Services Committee, on his personal views about blockchain technology and how it
fosters financial inclusion.
The North Carolina representative is an ardent supporter of blockchain technology and
digital currencies. And with the recent passing of the revised Anti-Money Laundering Act
and law enforcement agencies focusing on regulating digital currencies, McHenry has
found himself in the national spotlight.
“Here in the United States, we pay more for the movement of funds than the rest of the
world. There is a profit motive for that, certainly, but what we need is action to bring
more competition into the exchange of money [and] the movement of money. We see
the benefits across society of digitisation using technology. In essence, instead of having
a person make the decision, you enable the technology to do it quickly and efficiently.
Once that technology is set up, there are massive cost savings,” McHenry said.
McHenry, being the Republican Leader of the House Committee on Financial Services,
has in-depth knowledge and experience about how the American economy works and
he has an opportunity to enact changes if needed. This makes him an important figure
in the adoption and growth of blockchain technology in the United States.
“The initial reaction out of Washington is that everything must fit the existing regulatory regime, which is not really keeping up with where we are in terms of the technology of
Bitcoin or a distributed ledger technology…. [Bitcoin] is neither a commodity nor a
security—it does not fit into either rubric well. In fact, it’s very difficult to think of it on
really the two planes of thinking that we have in Washington. This is a whole new way of
thinking and that is very difficult for Washington to adapt to at its best. And Washington
is currently not at its best,” McHenry explained.
This is why McHenry concludes that there is a need for lawmakers to gain a Bitcoin
education, so they know exactly what blockchain technology is and how it can improve
American industries and the national economy, especially during these trying times of
pandemic.
“Education has to be the primary driver here. Most policymakers are not informed
about the basics of cryptocurrency, the basics of blockchain technology—just the basics.
So, we need that base level of education to rise and then we can build off that
platform
Right now, that baseline of education for policymakers is very important, because what
we don’t need out of Washington or the states is to restrict or crush or try to kill this
type of technological advancement,” McHenry deduced.
Bitcoin Association is currently offering basic Bitcoin education for free through online
school Bitcoin SV Academy. It would be ideal if lawmakers can find the time to join the
course and learn about what the Bitcoin SV blockchain can offer the country’s economy.