House GOP leader advocates for blockchain


During a committee meeting March 12, House Minority Leader Kevin McCarthy, R-Calif., told Congress to consider blockchain integration, according to CCN.

Mr. McCarthy's vision is to use blockchain for the government's day-to-day operations. He also suggested Congress build its open blockchain rather than rely on another crypto-network. But, the congressman knows outside help may be necessary.

"Blockchain is changing and revolutionizing the security of the financial industry out there. Why would we wait around and why wouldn't we institute blockchain on our own to be able to check the technology but also the transparency of our own legislative documents," he told the Select Committee on the Modernization of Congress, according to CCN.

Other lawmakers are on board. The Token Taxonomy Act is a bill moving through the House that would give crypto-startups more autonomy while reducing regulations.

Of the federal government's $60 billion information technology budget, more than three-quarters goes toward "managing outdated legacy systems instead of investing in new technologies," according to Mr. McCarthy. He considers blockchain to the solution.

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