Blockchain and Cryptocurrency

One of the most exciting technological opportunities of our time is the emergence of blockchain technologies, and with it, cryptocurrency (a.k.a. “crypto”).  While I believe this to be a foundational technological development on-par with the internet, it’s obvious that most of the current folks in Congress do not understand crypto.  From drafting legislation that looks to ban outright entire modes of consensus (e.g. Proof of Stake) for no good reason, to describing all advocates as shadowy super-coders, it’s clear that much of the discourse in our government is currently being driven by fear and misinformation.

As we have all adjusted to new ways of working in light of COVID, we have seen the beginnings of what the economy of the future can look like. It’s clear to me that blockchain technologies, cryptocurrency included, can be an integral part of our economic future. From novel methods of proof-of-ownership (e.g. NFTs), to banking the unbanked, and providing everyday people with access to many of the same financial tools that the wealthiest among us have had for decades, crypto is at the forefront of our increasingly-digital lives.

To be sure, improvements to cryptocurrency’s energy consumption need to be made. The good news is that many cryptocurrency networks already have very low power requirements or are moving in that direction. For example, Ethereum, the second largest cryptocurrency network and the focus of my own work, is undergoing a network upgrade that will drastically decrease energy usage by more than 99%. As a member of Congress, I will be able to advocate and regulate toward energy efficient cryptocurrency. Regulated intelligently—such as with a carbon tax—some cryptocurrency mining will stimulate renewable energy adoption and move the world towards carbon-neutrality.

In order for us to fully capture the rewards, we need members of Congress who understand the potential this technology can provide us. We need people in our government who understand that cryptocurrency is an emerging technology, developing and improving at lightning speeds, and therefore requires a careful and skilled hand in crafting regulations and laws surrounding it.  With my decade of experience in cryptocurrency—from the launch of Bitcoin in 2009—I can bring this nuanced understanding of both the potential promises and pitfalls of this technology to Congress.