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The U.S. Republican Leader: Blockchain Can Make Us Government More Efficient

BFSI News

The_U.S.-Republican-Leader-Blockchain-Can-Make-Us-Government-More-Efficient The U.S. Republican Leader: Blockchain Can Make Us Government More EfficientThe United States representative and the current Republican Minority Leader, Kevin McCarthy said earlier this week that Blockchain can make the U.S. Congress a more efficient and transparent place. McCarthy, during his speech to the Select Committee for Modernization of Congress, said that Blockchain technology has changed the paradigm of security in the financing world. He also recommended Congress use 21st-century technology to make the government-friendly, with more accountability.

His speech reads, “Blockchain is changing and revolutionizing the security of the financial industry. 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 process?” In the year 2007, McCarthy became a member of the U.S. House of Representatives, serving as House Majority Leader from 2014 to 2019, and as House Minority Leader since January 2019. Established during the 116th Congress in early this year, the Democratic congressman Derek Kilmer chairs the Select Committee for Modernization of Congress, which forms recommendations for modernizing the legislative branch. In Last October, it was reported that the U.S. Representatives Doris Matsui and Brett Guthrie proposed a new bill, called as “Blockchain Promotional Act 2018,” to the House of Representatives, which intended to form a working group to study the potential impact of Blockchain across the policy spectrum, and to establish a common definition of the technology.

Taking the move on Blockchain-related policy, the state of Wyoming passed two bills on Blockchain Recently, where the first outlined the groundwork for storing certificate tokens representing stocks on a Blockchain or other secure, auditable database, and enabled their digital transfer. Another acknowledged the establishment of special purpose depository institutions to serve Blockchain-based businesses, as they are often not capable to receive services from federally-insured banks.