Reportedly, the Republican Minority leader, Kevin McCarthy in the United States House of Representative on March 12, Tuesday told that blockchain can increase the efficiency and transparency of the US Congress.
On Tuesday, when McCarthy was giving his speech before the Select Committee on the Modernization of Congress, he stated that blockchain is revolutionizing and changing the security of the financial industry. He questioned Why should the US wait and why are we not implementing blockchain on our own to be capable of checking the technology and why are we not able to check the transparency of the US legislative process?
Kevin McCarthy further proposes that the 21st-century technology is being used by Congress to make the US government more friendly but should be more responsible at the same time.
Kevin McCarthy in 2007 became the member of the US House of Representatives; he is serving as House Majority Leader from 2014 to 2019.
Kevin McCarthy does have few examples of how incorporating innovative technologies by passing new legislation in recent time has helped the government processes to advance. List of bills includes the Tested Ability to Leverage Exceptional National Talent Act (TALENT) Act, which organizes a bug bounty program for the Department of Homeland Security via the Strengthening and Enhancing Cyber functionalities by Utilizing Risk Exposure Technology Act and using Technology Education Courses Act for Veteran Employment.
The technology is continuing to transform our lives and so let us make sure that Congress has the same talent to do it, McCarthy said.
In the month of July, McCarthy along with the US lawmakers team has proposed for the development of a blockchain pilot to fight the toxic fungal diseases.
The Select Committee for Modernization of Congress was formed at the beginning of 2019 during the 116 Congress. The committee has been headed by Derek Kilmer who is the Democratic congressman which forms suggestions for modernizing the legislative department.
In January, many Republican members were alleging the US government for the massive action on blockchain technology and ICOs that has damaged the innovation.
The current approach of SEC has been criticized by the former US Congressman George Nethercutt who was the Republican member of the US House of the representative from 1995 to 2005 mentioning that, they are not allowing for the progress and innovation in the important sector.
US Representatives Doris Matsui and Brett Guthrie had proposed a new bill ‘Blockchain Promotional Act 2018’ to the House of Representatives. The bill allows for creating a working group to examine the important effect of blockchain technology within the policy spectrum and to create a common technology definition.
The state of Wyoming has approved two bills related the blockchain technology in recent time. The first laid the foundation for storing certificate tokens that represent stocks on a blockchain or other trusted database and also allows for digital transfer.