Republican Minority Leader Rep. Kevin McCarthy said on March 12 that blockchain has the potential to make the US Congress more efficient and more transparent. While addressing the Select Committee for Modernization of Congress, Rep. McCarthy said that blockchain technology could improve the security levels of the financial world.
Because blockchain has revolutionized the security system of the financial industry, the lawmaker is proposing that the US Congress should use the technology in order to monitor the transparency of America’s own legislative process. According to Rep. McCarthy, 21st-century technology can give the government a friendlier image as well as greater accountability.
Blockchain Promotional Act 2018
In October, US Representatives Brett Guthrie and Doris Matsui proposed the “Blockchain Promotional Act 2018” to the US Congress. This bill wanted to create a working group to delve more into the potential use of blockchain in the field of policymaking. This should at least define blockchain technology in the context of politics.
Wyoming also passed two bills related to blockchain recently. The first one established the groundwork for using blockchain in the storage of certificate tokens that represented stocks. The second created the concept of special purpose depository institutions that are supposed to serve businesses that depend on the blockchain. This is necessary for such businesses as they cannot avail of the same type of service from federally-insured banks.
Since 2007, McCarthy has been a member of the U.S. House of Representatives. He has been House Majority Leader since 2014 and House Minority Leader since 2019. The Select Committee for Modernization of Congress is a committee that seeks to modernize the legislative branch of the U.S. government.