Lawmakers introduce the Blockchain Caucus

Lawmakers introduce the Blockchain Caucus
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Reps. Jared Polis (D-Colo.) and David SchweikertDavid SchweikertDeficit hawks voice worry over direction of tax plan FreedomWorks: Tax reform failure could be 'end of GOP as we know it' Freedom Caucus backs three debt ceiling options MORE (R-Ariz.) officially launched the Blockchain Caucus on Thursday.

The caucus will be focused on advocating for “sound public policy toward blockchain-based technologies and digital currencies.” 

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“Blockchain’s potential to reshape everything from the financial industry, to supply chains, to cybersecurity, to health care is something we should embrace,” Rep. Polis said. “Blockchain’s potential to reshape everything from the financial industry, to supply chains, to cybersecurity, to health care is something we should embrace.”

Blockchain and digital or cryptocurrencies have made large strides in the past year. Blockchain is currently valued near it’s all time high. It’s total market capitalization is over $16 billion. Major companies are starting to incorporate blockchain technology into their businesses.

Ripple, a blockchain startup, alone has raised $55 million in funding in 2016. The company can conduct cross border payments between banks in seconds as opposed to the current standard of three to five days.

Blockchains function like large, digital ledgers which allow companies to quickly and cheaply process transactions.

Outside of the  Commodity Futures Trading Commission labeling bitcoin as a commodity in 2015, both bitcoin and blockchain have not received significant scrutiny or regulation from government yet.