Congressman David Schweikert wants to tell people about the reality of blockchain, that it is good for a lot more that financial operations. He is co-chair of a recent startup called the Congressional Blockchain Caucus. He and fellow co-chair, Democratic Representative Jared Polis of Colorado created it due to curiosity about blockchains.
“Members of Congress are starting to get visits from people that are doing things with the blockchain and talking about it,” says Polis. “They are interested in learning more, and we hope to provide the forum to do that.”
Blockchain is easy enough to explain. It is basically ledger-like – a decentralized record keeper that may be available to anyone for updates and other use. It is not simply for bitcoin but has a staggering amount of uses when you begin to understand it.
In fact it can change industry almost entirely if you simply let it be. But unfortunately there is already a lot of bureaucratic interference in the creation and implementation of blockchains.
Perianne Boring, founder and president of the Chamber of Digital Commerce, a Washington, D.C.-based trade association, says “We don’t need any new legislation from Congress yet, though—that could stifle innovation even more. What Congress should be doing is educating themselves on the issues.”
Actually you simply need Congress to stay out of it. The reasons Congress is interested has to do with taxes and other kinds of control.
Unfortunately, blockchain gives Congress the ability to build regulation from the ground up. This is neither necessary nor advisable. And yet it is coming. The war has just begun.