Category Archives: Bill Foster

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Congressmen Call for Federal Crypto

Congressmen French Hill and Bill Foster have sent a letter to the Federal Reserve, the Central Bank of the United States, calling for the creation of a national digital currency.

Hill and Foster are concerned that digital fiat currencies and cryptocurrency are a long term threat to the USD, and cite a report from the Bank of International Settlements that over 40 countries are developing national digital currencies.

Essentially, people around the world are seeking the ease and security of cryptocurrency, and Hill and Foster believe the United States needs to create a digital currency or risk losing control over the monetary system.

Further, they reference the relevant laws, which shows that the Federal Reserve has the power to develop a national digital currency.

If an official United States digital currency were to be developed it would likely be a stablecoin pegged to the USD, similar to Tether and USD Coin.

At this time it is unknown if the Federal Reserve is seriously considering this proposal.

 

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US Congressmen Request Trump for Blockchain Initiatives

NEC, US Congressmen Request Trump for Blockchain Initiatives

Seven members of the US Congress have written to the Director of the National Economic Council (NEC) requesting the Trump administration for the inclusion of blockchain technology in new initiatives on emerging technologies.

The government and the blockchain community have been at odds for years. The most obvious pain point is the US Securities and Exchange Commission (SEC), which has been delaying a clear answer on whether some cryptos are securities, among other decisions holding back the technology behind them.

As the NEC advises the president’s office on domestic economic policy and is part of the Executive Office of the President, it is seen as one possible inroad for blockchain advocates.

In the letter, Congressman Darren Soto wrote:

“Blockchain has the profound potential to benefit society and be a driver of economic growth. 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.”

Congressman Trey Hollingsworth, Bill Foster, Tom Emmer, Ted Budd, Josh Gottheimer and David Schweikert are the other names on the letter and form part of the Congressional Blockchain Caucus who supported this letter.

The letter also asks NEC Director Lawrence Kudlow for a blockchain forum, decrying the lack of attention for crypto and blockchain technology from the authorities, and urging for better support, instead of delaying and leaving the industry in the dark:

“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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