Running Up That Hill: Here Are All Members of Congress Involved in Crypto

While lawmakers in the increasing number of statehouses are putting forward legislative initiatives that are nothing short of Blockchain-friendly (think Arizona, Wyoming or Georgia), federal policy architects on the Capitol Hill prefer to move one cautious step by another.

The month of February, however, has seen Congress finally take issue at heart and favorably incline their collective legislative ear to the SEC’s Jay Clayton’s and the CFTC’s J. Christopher Giancarlo’s crypto testimonies. Not only the landmark hearing laid the groundwork for moving the regulation forward but also elicited some of the Senators’ views on cryptocurrencies and beyond. Amid the building regulatory momentum, we round up what we already know about some of the congressmen’s stances on all things Blockchain.

Representative Jared Polis, D-CO

“The Blockchain has boundless potential.”

A poster child for a bitcoin-friendly congressman, Representative Polis was instrumental in creating The Congressional Blockchain Caucus– a bi-partisan group rooting for the expansion of Blockchain technology and promoting hands-off regulatory approach. His initiatives included, among others, a bill that suggested making any cryptocurrency purchase under $600 tax-exempt, as well as a call for binding members of Congress and government to disclose their ownership of crypto assets.

Future prospects: Chances are that Polis is leaving the House before the end of the year. In June 2017 he announced his bid for Colorado governor, coming on top of the early polls shortly afterwards.

Representative David Schweikert, R-AZ

“This is going to create a revolution. It’s so much more than moving microcurrency.”

Schweikert, an Arizona Republican, is Polis’ closest confederate in championing the Blockchain cause. He serves as a co-chair of the Congressional Blockchain Caucus and has co-sponsored multiple bills aimed at expanding and facilitating the use of distributed ledger applications. One of his remarkable initiatives suggested that the Veterans Affairs Department implement a Blockchain system to track veterans’ medical appointments. In the 115th Congress, Schweikert sits on the Committee on Ways and Means.

Future prospects: Schweikert will be up for reelection in November 2018 in a race rated by most observers as safely Republican. Some sources speculate that he is considering a run for Arizona governor in 2022.

Representative Tom Emmer, R-MN

“The US should be the home to this innovation and should embrace these new technologies. In order for these efforts to be successful, it is imperative that we adopt a deliberate, flexible and unified approach to regulation.”

Tom Emmer is a member of the Congressional Blockchain Caucus. The quote above is from the letter authored by him, Polis, and Schweikert, and sent to the heads of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). The message encourages the federal agencies to adopt simple and narrowly tailored regulation for cryptocurrencies and Blockchain technology that would allow them to flourish. Congressman Emmer is a member of the US House Financial Services Committee.

Future prospects: Emmer will seek reelection in November 2018 in a district that looks solidly Republican.

Senator Mark Warner, D-VI

“I was an early investor in cell phones back in the ’80s, and I believe #Blockchain has the potential to be just as transformational as cell phones. As our government begins to look at #crypto, I don’t think you can separate #cryptocurrencies from the technology they’re based on.”

In the landmark February hearing Senator Warner earned a reputation of a right crypto-bull, envisioning the market’s capitalization exceed $20 tln by 2020. A successful tech entrepreneur and later Virginia governor, he seems to be a firm believer in Blockchain’s grand promise. Yet, Warner has his concerns, anticipating the need for a serious regulatory effort as the industry grows exponentially. Senator Warner’s current committee assignments are the following: Intelligence, Banking, Housing, and Urban Affairs, Budget, Finance, Rules and Administration.

Future prospects: Warner’s term ends in 2021, so there is a chance that he sees his $20 tln prophecy fulfilled during his current tenure.

Senator John Kennedy, R-LA

“You can extend disclosure to bitcoin and you haven’t done anything.” (…) “Disclosure needs to make sense and help people other than the lawyers.”

The Louisiana Republican expressed his doubts as to whether the disclosure requirements imposed by Securities Act would work with bitcoin. Whereas it does not provide clear insight into his overall stance on cryptocurrencies, it might suggest that Kennedy leans towards the commodity side of the larger security-commodity debate. A former Louisiana treasurer, Kennedy serves on the following Committees: Appropriations, Banking, Housing, and Urban Affairs, Budget, Judiciary, Small Business and Entrepreneurship.

Future prospects: having assumed the office in 2017, Kennedy’s term does not expire until 2023.

Representative Dave Brat, R-VI

“I‘m a total free-marketer, so I don’t want to regulate.” (…)“But if it’s a currency that could destabilize the whole economy, you’re going to have that conversation.”

One pattern that is consistent across all of the federal legislators’ comments is that even the most hardline free-market Republicans have some appetite for regulation. Call it a lip service or a thoughtful, balanced position, no one on the Capitol Hill wants to come across as calling for a laissez-faire approach to cryptocurrencies. Brat’s committee assignments: Budget, Education and Workforce, Small Business.

Future prospects: Brat will be up for reelection in November 2018 in a Republican-leaning district.

Representative Bill Huizenga, R-MI

“The SEC is properly the lead on the issue.”

Congressman Huizenga acts as a Chairman of the House Financial Services Subcommittee on Capital Markets. Having observed the explosive growth of cryptocurrency markets in the recent months, he is ready to hand broad regulatory authority over this class of assets to the Securities and Exchange Commission.

Future prospects: Huizenga will be up for reelection in November 2018 in a safely Republican district.

Representative Dana Rohrabacher, R-CA

“I believe we should encourage digital currencies to implement full anti-money laundry and know-your-customer standards. These protections should empower both our law enforcement and national security professionals to keep terrorists’ financing under control, to protect our freedom of using digital currencies…and keep America in the lead of this technological advance.”

Speaking about the 2018 National Defense Authorization Act, Congressman Rohrabacher digressed to argue against banning cryptocurrencies altogether, citing their ability to economically empower those who live under authoritarian governments. Yet, he called for stricter anti-money laundering measures and identity tracking for the sake of national security. Committees: Science, Space, and Technology, Foreign Affairs.

Future prospects: In his bid for re-election in November 2018, Rohrabacher is expected to face serious Democratic competition in a toss-up race.

Representative Ro Khanna, D-CA

“[More regulation is needed] whether it’s against fraud, whether it’s against environmental harms, whether it’s against the use of bitcoin to foster terrorism.”

A California Democrat, Khanna is known for being in favor of tight cryptocurrency regulation. On top of common concerns such as speculative trading, fraudulent financial schemes, and potential for securing funds for terrorism, he doubles down on the need to mitigate environmental risks that cryptocurrencies engender. One of the measures that Khanna seeks to advance is the tax on mining. Committees: Armed Services, Budget.

Future prospects: Will face reelection in November 2018 in a safely Democratic district, under a top-two primary system.

Representative Emanuel Cleaver, D-MO

“I would like to know what steps your members are taking to ensure that the bitcoin services they provide are not being used to facilitate radical campaigns of abuse, harassment and/or violence against Americans.”

Congressman Cleaver’s primary concern is that cryptocurrencies might facilitate supplying resources to white supremacist and other extremist groups that were denied financial services by conventional providers. Rather than pursuing regulatory measures, Cleaver seeks to convey his message to the groups influential among the crypto community, such as the bitcoin Foundation and the Digital Chamber of Commerce. Committees: Financial Services.

Future prospects: Cleaver will seek reelection in November 2018 in a district that looks solidly Democratic.

Representative Roger Williams, R-TX

“At this time, virtually all the world’s digital currencies are not compliant with the critical AML/KYC standards we expect of our other institutions. Some in the digital currency world argue that digital finance requires a relaxation of these standards. This is absolutely incorrect.”

Former Secretary of State of Texas, Williams is a staunch proponent of holding cryptocurrencies to the same regulatory standards as fiat money. Committees: Financial Services.

Future prospects: Williams will be seeking reelection in November 2018 in a solidly Republican district.

Representative Carolyn Maloney, D-NY

”A lot of people don’t realize there’s nothing backing these virtual currencies.”

It would be a marvel if in a debate like this no one showed up holding a banner that reads “Your bitcoin is not backed by anything!” Concerned about the repercussions of speculative cryptocurrency trading, Congresswoman Maloney calls for a tighter oversight on behalf of SEC. Committees: Financial Services; Oversight and Government Reform.

Future prospects: Maloney will seek reelection in November 2018 in a solidly Democratic district.

Published at Tue, 13 Mar 2018 15:04:26 +0000

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November 10, 2017

BTC Inc. and Genesis Mining Launch Genesis Engineering and See Opportunity in Eurasia

BTC Inc., parent group of BTC Studios, BTC Labs and BTC Media, and Genesis Mining, a cloud mining service provider, recently announced a partnership to launch Genesis Engineering, a Hong Kong–based joint venture focused on promoting and developing the cryptocurrency mining industry worldwide, with a special focus on emerging and underserved markets.

“We see opportunities in terms of excess capacity worldwide in such regions as the Americas and Eurasia, said David Bailey, CEO of BTC Media. “Centers of mining are often places with excess capacity and relatively cheap electricity rates. As a result, mining operations bring benefits to those areas in terms of both employment and resource allocation.”

“The excess energy supply in certain regions is a big opportunity for mining worldwide,” added Genesis Mining CEO and Co-Founder Marco Streng. “We see the positives of mining ranging from individuals to large organizations. Whether it is a hobby, someone’s way to accumulate a certain cryptocurrency or a business with a profit motive, mining has been a positive endeavor for people all over the world. We look forward to growing the base of miners worldwide through promotion, education and new initiatives.”

“The formation of a partnership between BTC Inc. and Genesis Mining to create Genesis Engineering is important because it combines the leaders in the cryptocurrency information space and the cloud mining space to grow the industry in underserved markets at a time when crypto is in a position to be embraced by and benefit new markets,” John Riggins, Head of Development for Eurasia at Genesis Engineering, told bitcoin Magazine.

“Genesis Engineering will be positioned as a mining information leader, promoting the industry through workshops and consulting in developing regions. We see an energy landscape that includes excess and unused electricity in markets that could benefit from the introduction of a crypto mining industry in their economy as China has benefited over the last few years.

“The crypto industry is in a growth stage and mining is a cornerstone of the industry that must grow in lock-step,” added Riggins. “Markets with excess energy capacity are in a good position to benefit as the mining industry develops, benefiting local economies through job creation and energy utilization.”

Riggins noted that the market of the post–Soviet Union is especially ripe for this sort of growth; therefore, Genesis Engineering will have a special focus in these countries. According to the company, these countries have the hallmarks of key regions for the development of cryptocurrency mining, including huge excess energy capacity, developed infrastructure and favorable climate conditions. For instance, oil producers in the region face an ecological tax on excess gases produced in oil excavation that is not put to use and is burned; this is gas that can be used to power mining facilities, create local jobs and make these countries regional leaders in the crypto industry.

“On the information and promotion side, we will be opening the first of multiple showrooms and co-working spaces in November,” Riggins said. “This facility will house a mining museum and will be used as a venue to promote the industry through workshops and a speaker series. On the consulting and mining business side, we are in negotiations with the largest electro energy production companies in the region, consulting on the positives of mining and the opportunity to use their spare capacity in these territories.”

Genesis Engineering will support the crypto mining industry broadly, including not only bitcoin but additional coins. It considers mining to be an important feature of the cryptocurrency sector, ensuring security and decentralization through incentives. The target market of Genesis Engineering ranges from hobbyists and small businesses reached by the company’s showrooms, co-working spaces and speaker series, to multinational energy companies and large-scale miners reached by the company’s consultancy and mining projects.

Besides promotion of cryptocurrency mining and related consulting work, Genesis Engineering will offer cloud mining services through Genesis Mining, with an initial focus on markets that have been underserved in Eurasia. The pricing structure will be similar to Genesis Mining’s current offering, but with a focus on making the service and mining equipment attractive in emerging markets, as well as to organizations that are interested in large-scale mining but have not yet entered the industry and will need to be led through that process.

Persuaded that cryptocurrency mining can be a boon to energy suppliers and populations in these regions, “Genesis Engineering will consider partnerships with energy providers and analyze how crypto mining could add value to different markets,” concluded Riggins.

The post BTC Inc. and Genesis Mining Launch Genesis Engineering and See Opportunity in Eurasia appeared first on Bitcoin Magazine.