Speaking with Jeremy Allaire of Circle on July 16, several key figures in the pro-cryptomoney and blockchain lobby in Washington, D.C., spoke about a significant increase in education and interest by regulators in the cryptomoney sphere.
Coronavirus induces digitalization
Perianne Boring, founder and president of the Digital Chamber of Commerce, said the pandemic had forced Congress to look at new technologies to make money in a radical way.
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„We’ve seen a big change in tone toward blockchain technology in Congress since the pandemic,“ Boring said. „We’ve seen almost 180 in that conversation. The pandemic has forced Congress to go digital.
Blockchain Association Executive Director Kristin Smith also noted promising changes, especially since Libra’s announcement last year triggered what Allaire described as an „allergic reaction. Smith said: „There is now a consensus among policymakers that it is a good idea to update our money, and that is progress.
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Speaking of a change of heart about what cryptomonies have meant over the years, John Collins of FS Vector noted that issues that were hypothetical six or seven years ago have come to life. „This is an open program, you can build anything, but nobody was talking about defi, nobody was talking about Cryptokitties,“ Collins said.
What this means in the future
Smith, in particular, was not optimistic about the new legislation. „Congress is in an almost total stalemate because of the choice of anything not directly related to the pandemic,“ he said. However, he pointed to the new interim comptroller of the currency, Brian Brooks, and his recent initiatives as an example of how progress continues.
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There is still room for much more education, according to Boring. „There is a massive technology gap and an even greater gap when it comes to digital assets and blockchain technology.
In fact, when Smith spoke of the need to make cryptomonies something that average people use more often, Boring advocated extending that to lawmakers. „Everybody remembers when they got their first Bitcoin,“ he said, „so let’s do that for Congress.