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US Congress calls upon government to support blockchain and fintech

A new bipartisan bill by the House of Representatives has called upon the US Government to adopt a national policy for technology to promote consumers' access to financial tools and online commerce to promote economic growth and consumer empowerment.

In this context, the resolution mentions financial innovation tools such as financial technology or fintech, blockchain technology and digital currencies. While it doesn’t use the term “digital currency” explicitly, it talks about “alternative non-fiat currencies”, saying:

“[E]merging payment options, including alternative non-fiat currencies, are leveraging technology to improve security through increased transparency and verifiable trust mechanisms to supplant decades old payment technology deployed by traditional financial institutions”, it read.

It noted that financial technology is creating new opportunities for the 24,800,000 underbanked households in the US. Also, rising use of mobile devices and the deployment of broadband access have supported the growth of fintech products and services outside of traditional products and services offered by banks and other financial institutions in the country increasing commerce and job growth.

Speaking of blockchain technology, the resolution emphasizes that the technology has the potential to improve trust and security of online transactions and sees its applications across multiple industries.

“[B]lockchain technology with the appropriate protections has the potential to fundamentally change the manner in which trust and security are established in online transactions through various potential applications in sectors including financial services, payments, health care, energy, property management, and intellectual property management”, it added.

Sponsored by Rep. Adam Kinzinger, a Republican from Indiana, and Rep. Tony Cardenas, a Democrat from California, the resolutiom was introduced into the House on July 14 and is now referred to the House Committee on Energy and Commerce.

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April 19 12:30 UTC Released

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