Cryptocurrency Contributions for Congress Members as Elections Approach

bitcoin contribution

October 7, 2020

Reading Time: 2 minutes

Crypto for Congress, an educational initiative launched on October 5, has sent campaign contributions in Bitcoin (BTC) to all 535 congress members. Each member received a contribution of $50 in BTC to their campaign for the upcoming November 3rd elections.

The Chamber of Digital Commerce PAC launched the program with support from players in the digital assets industry and house representatives pushing for advancement of the crypto industry. It aims to assist all members to interact and learn more about cryptocurrencies. Among the companies involved includes Binance, IBM, and Microsoft.

Educating the Members of Congress

Educating the members of congress is essentially critical in initializing and improving regulations around the crypto industry. This priority aims to introduce to the members the advantages, not only of cryptocurrencies, but also blockchain technology among other applications of the technology.

The Chamber of Digital Commerce is spearheading this initiative to also assist curbing illegal activities in the finance industry like financing terrorism and money laundering even as blockchain technology continues to develop. With the finance sector largely remaining conservative in its operations, the initiative will likely help congress look beyond the status quo and allow the sector to evolve by adopting new solutions offered by blockchain technology.

Lagging Behind

While the US has been on the frontline for major technology shifts in the past, the onset of blockchain technology has seen it lag behind other large economies like Singapore, Japan, and Switzerland. The slow incorporation to and adoption of blockchain technology is of significant concern for the US economy, as it risks losing out on great benefits that will arise from the technology in the future.

Going beyond partisan politics, Crypto for Congress offers the congressional community a chance to embrace the digital asset movement and work to ensure that the economy enhances innovation in the sector and becomes the top player in the crypto and blockchain industry.

Summary

Market players in the digital asset industry as BitPay, BlockFi, Bloq, CMT Digital, Circle, Civic, Core Scientific, eToro, and Flipside Crypto are keen to see that the US economy improves its participation in the technology. Thus, these companies and many others in the digital assets industry sponsored the Crypto for Congress.

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