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Explore crypto-forward policymakers in the US who align with our mission to expand economic opportunity.
Rep. Stephen Lynch has 3 statement(s) about crypto.
"I am very pleased to announce that our Financial Technology Protection bill passed the House this week. I give great credit to my colleague & cosponsor @Reptedbudd for his willingness to work across the aisle with me for the benefit of America’s National Security interests. We have been working with The Financial Crimes Enforcement Network (FinCen) to cut off the flow of funding to terrorists and other illicit actors, and H.R. 5036 will establish the programs and tools we need to detect and stop the emerging threat of terrorists...and criminal actors relying on digital currencies, including Bitcoin, to fund their illicit activities."
"Recently, I joined the Bloomberg @Crypto team to discuss my ECASH Bill, which aims to create a digital U.S. dollar that preserves the privacy and anonymity of physical cash."
"We are living in extraordinary times that have forced us to depend upon digital solutions like never before. The impacts of the Coronavirus are everywhere: from working and teaching remotely to transferring desperately needed funds – the ways in which we engage digitally has only grown. Your agencies are engaged in alleviating the impact of this crisis right now. Blockchain technology is an important resource that the United States must pursue to ensure that we can protect the well-being of our people and ensure economic prosperity. The membership of the Congressional Blockchain Caucus urges your consideration, support, and implementation of utilizing blockchain technology that could greatly mitigate the effects of the Coronavirus. In addition, convening leaders in both the private and public sectors to meet and develop a coordinated strategy to utilize blockchain technology would help facilitate relief to those impacted by this extraordinary threat. The United States must establish and maintain a digital infrastructure that is reliable, accurate, flexible, and secure. There are numerous examples in which blockchain technology can ease the way in which we interact digitally. Among some of the potential solutions blockchain can assist with include identity, supply chains, and registries. First, simply authenticating an individual’s identity to receive necessary funding or supplies could be facilitated securely with digital identity solutions using blockchain technology. The built-in architecture of blockchains enables seamless identification, for example, when receiving government benefits, while its strong encryption protects sensitive data. Managing our crucial supply chains, in which identifying where supplies originate, their transportation routes, arrival times, and inventories are critical for government and consumers alike, from food safety, to pharmaceuticals, to the medical supply chain. The lack of these fundamental supplies has served as a wake-up call across the nation as we continue to struggle to track, reroute, and deliver necessary supplies to those who need them most. Blockchains can even serve as registries for licensed doctors, nurses, and other health care providers to better enable appropriate identification and possible deployment of these skilled resources in times of crisis. Lastly, blockchain can improve the registries of medical professionals and the necessary certifications and licenses during this time. In addition to identity solutions to verify experienceand required qualifications, registries of medical professionals as well as needed personal protective equipment (PPE), among others, could improve deployment and efficiencies of critical resources."
Rep. Stephen Lynch has put out 3 crypto bills.
This bill requires the Department of the Treasury to support the development of an electronic dollar.
The electronic dollar must be
payable to the bearer;
considered legal tender;
an obligation of the United States;
placed into circulation by Treasury;
able to be directly used by the public; and
capable of instantaneous, offline transactions using hardware devices not involving a third-party intermediary.
The bill also provides for privacy requirements applicable to any hardware device used for electronic dollar transactions.
Merchants who accept physical currency and the federal government must accept electronic dollars as a form of payment.
The bill also establishes
the Electronic Currency Innovation Program to direct the development and implementation of electronic currency,
the Digital Dollar Council to coordinate Treasury's activities with other government entities, and
the Monetary Privacy Board to review and evaluate the electronic dollar program.
Finally, the bill provides for the establishment of a Treasury Electronic Currency Innovation Fund Account to carry out related programs.
Eliminate Barriers to Innovation Act
This bill requires the Securities and Exchange Commission and the Commodity Futures Trading Commission to jointly establish a working group on digital assets. The working group must (1) report on the impact of the U.S. legal and regulatory framework on the digital asset market; and (2) provide recommendations regarding digital asset market fairness and integrity, cybersecurity standards, and the reduction of fraud and manipulation.
Financial Technology Protection Act
This bill provides for the investigation of new financial technologies (e.g., digital currencies) and their use in terrorism and other illicit activities.
Specifically, the bill establishes the Independent Financial Technology Task Force to Combat Terrorism and Illicit Financing, which must research terrorist and illicit use of new financial technologies and issue an annual report.
The Department of the Treasury must establish a fund to provide a reward for a person who provides information leading to the conviction of an individual involved with terrorist use of digital currencies.
Additionally, the bill establishes the FinTech Leadership in Innovation and Financial Intelligence Program to support the development of tools and programs to detect terrorist and illicit use of digital currencies.
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