Hollingsworth, Soto Lead Letter Promoting Blockchain
May 29, 2019
WASHINGTON, D.C. – Representative Trey Hollingsworth (R-IN) and Representative Darren Soto (D-FL) led a bipartisan letter to Larry Kudlow, Director of the National Economic Council, requesting the Administration include blockchain technology in its initiatives on emerging technologies.
“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,” said Rep. Trey Hollingsworth, Vice Ranking Member of the House Financial Services Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets. “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.”
“Blockchain has the profound potential to benefit society and be a driver of economic growth,” said Rep. Darren Soto, Member of the House Energy and Commerce Subcommittee on Communications and Technology. “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.”
Full text of the letter is available below or here:
The Honorable Lawrence Kudlow
Dear Mr. Kudlow,
We write to request the Administration, through the National Economic Council, hold a forum on blockchain technology and include blockchain technology in the initiatives the Administration intends to promote on emerging technologies.
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.
Government agencies within the United States are exploring blockchain technology in multiple ways. More can be done, however, to coordinate support for this technology in the United States. Laws dating back decades are proving difficult to apply to emerging technologies, and a lack of regulatory clarity may be dampening investment. 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 the research and development of blockchain technology; explore its benefits for private and public use; collaborate on cross-sectoral policy, standard-setting, scalability, and implementation issues; and discuss potential regulatory approaches.
Since blockchain technologies are still emerging, it is critical that we support these advancements by connecting all the relevant stakeholders to examine the policy issues facing the industry and building support for a shared vision that can boost innovation and ensure that we reap the full benefits of its development. As such, we strongly urge the Administration and the National Economic Council to convene a forum for stakeholder input and support this emerging technology through its inclusion in its efforts to promote “investments in the cutting-edge industries of the future.”
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