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Banking and Financial Matters Blog

Congress Actually Agrees on Something: Bitcoin

Authored by Ruder Ware Attorneys
Posted on September 30, 2016
Filed under Banking and Financial Matters

Shortly before Congress recessed for the November election, the House of Representatives overwhelmingly passed Rep. Adam Kinzinger’s (R-IL) resolution urging the United States to “adopt a national policy for technology to promote consumers’ access to financial tools and online commerce to promote economic growth and consumer empowerment.”

The Resolution (H.Res. 835), without specifically referencing it by name, gives Bitcoin a big boost by highlighting “emerging payment options, including alternative non-fiat currencies, [that] are leveraging technology to improve security through increased transparency and verifiable trust mechanisms to supplant decades old payment technology deployed by traditional financial institutions.” 

While Rep. Kinzinger’s Resolution is non-binding and no regulatory or legal impact will result, this could be the first step in the U.S. government’s evolution of thinking towards payment technologies.

Read H.Res. 835 here.