Earlier this week, I sat down with Congressman Adam Kinzinger, sponsor of the H.R. 835, a resolution calling for a pro-bitcoin national policy. We met in a popular local coffee shop in downstate Illinois, a predominately rural, farming region far removed from the bright lights and big city bitcoin hub of Chicago…or any major city for that matter.
Rep. Kinzinger, a veteran and military expert, who’s district stretches mile-upon-mile through corn and soybean fields, would appear to be the unlikeliest champion of bitcoin and blockchain innovation. That is of course until you meet him. Indeed, throughout our conversation, Rep. Kinzinger was genuinely inquisitive and determined to learn more about bitcoin and what he and his colleagues in Congress could do to promote and further innovation. How refreshing! What’s more, in his own words, Rep. Kinzinger said it was the free market potential of innovation in bitcoin and blockchain that spurred his interest and pursuit of House Resolution 835. Hurray!
From there, our conversation turned to more granular and detailed matters within the bitcoin space. Yet again, more encouraging signs. Rep. Kinzinger seemed in agreement that an on-ramp or probationary period for innovation, i.e. an opportunity to develop and even launch prior to regulatory oversight, was not an unreasonable request. As our attention turned to regulatory oversight, it was clear that AML and counter-terror financing remains a sensitive subject. Rep. Kinzinger appeared satisfied with regulatory requirements focused on guarding the entrances and exits that separate the fiat banking system and bitcoin.
Overall, it was extremely encouraging to hear such an open-minded and pro-innovation stance. Imagine all of the possibilities when bitcoin and blockchain innovations are allowed to flourish.