Blockchain Now Has Own Congressional Caucus

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A bipartisan duo of lawmakers announced Monday they are forming the Congressional Blockchain Caucus in an effort to educate policymakers on digital currency and related issues.

Rep. Jared Polis, D-Colo., and Rep. Mick Mulvaney, R-S.C., formed the caucus at the behest of digital currency advocates like Coin Center, a nonprofit group focused on advocating cryptocurrency and blockchain technologies.

"The Blockchain Caucus will focus on raising awareness, advancing ideas that foster growth, and safeguarding consumers," Polis said in a press release.

The blockchain, an electronic database that stores financial records and secures the data through cryptography, is increasingly regarded as a digital currency tool that can be used to enhance the efficiency of the banking business.

Digital currency advocates hailed the caucus' formation.

"Congressional caucuses are very important for like-minded members of Congress to work together toward common policy goals," said Jerry Brito, Coin Center's executive director.

Lawmakers have taken an increasing interest in the technology.

The House adopted a nonbinding resolution in a 385-to-4 vote two weeks ago that encouraged the development of digital currency tools.

The caucus follows the formation last year of the Blockchain Alliance, a forum for open dialogue between the private sector and the government.

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