U.S. Rep. Tom Emmer has made a friend in the cryptocurrency community in a big way. Speaking at the D.C. Blockchain Summit, the Congressman extolled the virtues of bitcoin and the benefits of the blockchain that has eluded many confused members of Congress.
"This technology...it could maybe restore what it was the founders were looking for, what they tried to create."
He also went on to say that overreaching regulation has a way of throwing a "web blanket" on innovation.
Emmer sees Japan as a solid model for limited regulation, with the use of Japan's Financial Services Agency overseeing crypto activities. For most members of Congress, they likely have to defer to their aides for even a cursory understanding of bitcoin. Many still associate bitcoin with the Silk Road fiasco, presented to the media by Senator Chuck Schumer by him scrolling through the different illicit items for sale on the dark web. Congress needs a reeducation. Thankfully, this week there is a subcommittee hearing entitled "Examining the Cryptocurrencies and ICO Markets" which Emmer hopes will go a long way to dispelling many crypto myths.
What I see coming out of this subcommittee meeting is a discussion on the basics of the blockchain and the hazards of ICO scams operating in the gray zone of legality.
While one can not expect a complete embrace of bitcoins and altcoins by virtue of a subcommittee meeting, the mere discussion of it in the halls of Congress, essentially lead by a proponent of it, is a step in the right direction.