Republican McCarthy: 'Blockchain can make US Congress more efficient'

14 Mar, 2019 | Updated: 14 Mar, 2019
by Joeri Cant
Republican McCarthy: 'Blockchain can make US Congress more efficient'

Kevin McCarthy, the Republican Minority Leader in the United States House of Representatives, said that he believes that blockchain can make the U.S. Congress a more efficient and transparent place.

According to Cointelegraph, the Republican Minority Leader was speaking to the Select Committee for Modernization of Congress, when he said that blockchain technology has changed the paradigm of security in the financial world.

'Blockchain is changing and revolutionizing the security of the financial industry. Why would we wait around and why wouldn’t we institute blockchain on our own, to be able to check the technology but also the transparency of our own legislative process?', he said.

McCarthy continued by suggesting that Congress use 21st century technology to make the government more friendly, but at the same time more accountable.

'We have an opportunity to take this window to make this place more effective, more efficient, and most importantly, more accountable', he concluded.

Read more: US SEC chairman Clayton still woried over possible Bitcoin ETF manipulation

In January Chepicap reported that many Republican lawmakers were pointing fingers at the U.S. government, claiming that the massive crackdown on ICOs and blochchain technology was detrimental to innovation.

Former US Congressman George Nethercutt, a Republican member of the United States House of Representatives from 1995 to 2005 criticized the current approach of SEC by saying that they are holding back progress and innovation of this vital sector.

'Cryptocurrencies and the underlying blockchain technology should be neither feared nor dismissed. While certain bad actors may be taking advantage of crypto in the short term, they represent a tiny fraction of the total users and applications of these technologies.'

'These innovations shouldn’t be hijacked by others, nor should they be strangled by poorly considered regulation', he concluded.

Current democrat Congressman for Florida Darren Soto, recently said that the SEC might be off limits when trying to regulate cryptocurrencies.

Soto seems to think that the SEC should only be resorted to for the case of what he deems as “true securities”, as he believes that crypto finance is mostly composed of commodities and currency transactions.

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