- A political action committee in the U.S. has launched an educational campaign on Bitcoin for congress members.
- Top crypto firms like BlockFi and Circle are sponsoring the initiative.
- U.S. Congress has passed two new laws related to cryptocurrencies with two other bills still under review.
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All 535 members of the U.S. Congress will receive $50 in Bitcoin to get hands-on experience using blockchain technology. The campaign, dubbed “Crypto for Congress,” states:
“Crypto for Congress is a pivotal inflection point, akin to the time Members of Congress received their first email or sent their first Tweet.”
Crypto for Congress
The educational campaign will be the first time all congress members interact with blockchain technology and cryptocurrencies.
Apart from the $50 BTC, the Chamber of Digital Commerce (CDC) will also provide “extensive public online educational training, a toolkit, and resources to Members across all parties to help them engage directly in the cryptocurrency ecosystem.”
The CDC is an independent trade association of entities in the digital asset and blockchain industry. It raises money to support the efforts directed towards crypto adoption and regulation. Perianne Boring, the director of CDC, said:
“Now is the moment for all Members of Congress to learn about and embrace cryptocurrencies and blockchain technology, and the best way to do that is to set up a digital wallet and get started on the blockchain journey.”
The Crypto for Congress campaign PAC has raised money from leading Bitcoin and crypto firms, including Anchorage, Armanino, BitPay, BlockFi, Bloq, CMT Digital, Circle, Civic, Core Scientific, eToro, Flipside Crypto, Hedera Hashgraph, Medici Ventures, Messari, and Paxos.
The CDC is further backed by the Congressional Blockchain Caucus (CBC). Founded in January 2016, the CBC is an alliance composed of 24 U.S. lawmakers who “believe” in the future of blockchain technology and cryptocurrencies.
Two chairmen of the caucus, Tom Emmer and Darren Soto, are not only leading the Crypto for Congress” initiative but also changes in the legislation for crypto.
The two congressmen have proposed three bills related to cryptocurrencies in the last two weeks, with two of Soto’s, the Digital Taxonomy Act and the Blockchain Innovation Act, recently passing.
The two new laws direct the Dept. of Commerce and Federal Trade Commission to conduct independent reports on the state of blockchain technology in commerce. Both authorities will also identify threats to national security from the increasing adoption of digital tokens.
Emmer’s pending bill is more progressive. The Securities Clarity Act seeks to amend the Securities Act of 1933. If passed, digital currencies would fall under a new asset class defined as an intermediate between “security” and “commodity.”
The new law would let a company freely sell their tokens in the market if it does not entail an investment contract for those tokens. Only the portion of the currencies formally sold as investment contracts will be considered securities.
An investment contract refers to a promise of delivering returns or a product in the future. According to the bill, assets that do not associate with any investment contract are “in fact, and always were, commodities.”
Jake Chervinsky, a prominent lawyer in the crypto circles, “strongly supports” the new bill, distinguishing between securities and digital assets. Making room in the legal system for cryptocurrencies is a crucial factor in improving adoption.
The Crypto for Congress campaign hopes to speed this process along.
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