According to a recent report, Congressman Kevin McCarthy, who serves as the current Republican Minority Leader in the U.S House of Representatives, said the Blockchain initiative could make the government more efficient and transparent. The report came to light on Tuesday, March 12.
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McCarthy believes Blockchain Technology Has Revolutionalized Security in the Finance Sector
McCarthy, while speaking to the Select Committee for Modernization of Congress, remarked that the Blockchain initiative has already altered and is currently revolutionizing the security of the financial industry on a global scale. Here is what McCarthy had to say:
“Blockchain technology is changing and revolutionizing the paradigm of security in the financial industry globally. Why do we have to wait around, why wouldn’t we institute the Blockchain on our own? Why won’t we be able to check this innovative technology and use it to improve the transparency of our legislative processes?”
Congressman McCarthy says the 21st Century Technology Can be Used to Make Government More Friendly and Accountable
The Republican lawmaker also insisted that the U.S Congress use the “21st-century technology” to ensure that the government becomes friendlier and accountable at the same time. He added:
“We now have the opportunity to take advantage of this window and make the government more effective, efficient, and accountable at the same time.”
McCarthy is a United States politician with the Republican party. He became a U.S. Congressman or member of the House of Representatives in 2007. McCarthy served as House Majority Leader from the year 2014 through 2019. Since January 2019 he has been serving as House Minority Leader of the U.S Congress.
The Select Committee for Modernization of Congress was reportedly established during the 116th Congress session in the early phase of 2019. Derek Kilmer a Congressman and member of the Democratic party chairs the Select Committee for Modernization of Congress. The committee forms recommendations for the modernization of the legislative arm of the United States government.
About the Blockchain Promotional Act 2018
According to a previous report given by Cointelegraph in October of 2018, U.S. Congressmen Brett Guthrie and Doris Matsui proposed a new bill to the House of Representatives. The bill is dubbed the “Blockchain Promotional Act 2018.” The bill is aimed to facilitate the creation of a working group that will be dedicated to the study of the potential impact of the Blockchain initiative in the policy spectrum. With the goal of establishing a common definition of Blockchain technology.
In a more recent report, the state of Wyoming moved to pass two Blockchain bills in its efforts to implement the technology and take advantage of its many benefits. The first bill laid the groundwork for storing certificate tokens that will represent stocks on a Blockchain (or other auditable, secure, database,”) and permit their digital transfer.
The second bill acknowledged the implementation of special purpose depository institutions that will serve Blockchain-based businesses. The reason for this is because they are typically unable to get services from banks that are federally-insured.