541 U.S. Congressmen Received Bitcoins in Crypto Education Campaign

Atbash  |  Oct 8, 2020

Members of the U.S. Congress have received about $50 worth of freshly mined Bitcoins as part of a national crypto education campaign.

The donation was made by the Political Action Committee (PAC) of the U.S. Digital Chamber of Commerce. An organization comprised of the nation's leading crypto and blockchain companies. Firms such as Binance, Deloitte, Microsoft, Bitpay, and Messari collaborated. So that some 541 congressmen received their first bitcoins in a digital wallet.

The organization spent a total of $27,000 on the campaign. Which is called Crypto for Congress. The project aims to educate the National Congress about the technical and practical knowledge of cryptocurrencies. Also, the companies sent online educational training and consultation tools to all the members of the congress.

Digital Chamber of Commerce Seeks More Crypto Awareness

Perianne Boring, president of the Digital Chamber of Commerce, pointed out that the American market is lagging behind in the development of a financial strategy to accompany the crypto sector. Countries such as Japan, Canada, and even the European Union itself, have been discussing legal frameworks to strengthen and regulate the market for cryptographic assets.

Companies in this ecosystem want greater regulatory clarity around cryptocurrencies and ICOs, local sources say. They also want more fiscal guidance and anti-money laundering measures. However, the Digital Chamber of Commerce recognizes that you can't advocate for a fair law if congressmen don't have a thorough understanding of the assets and technology they are regulating.

To speed up the adoption process, the Crypto for Congress campaign seeks to boost knowledge with the direct donation of bitcoins. They also hope that the project will mark a milestone, as it would be the first time that the entire Congress has access to a cryptocurrency purse. A scene that could be equated in the coming years to the first time that an email was sent, or that they tweeted as public figures.

Bitcoins Manufactured in the United States

Another interesting feature of the Digital Chamber of Commerce proposal is that all bitcoins delivered to the congressmen were manufactured in the United States. The organization wanted to make sure that the bitcoins delivered to the authorities did not come from illegal sources. So it pledged that all the money would be recently mined on national territory.

The chamber worked in collaboration with Core Scientific. A US mining hardware company, which provided the miners to the Luxor group located in North Carolina and Kentucky. The funds donated come from the mined block 651363, whose data can be publicly verified on the web.

The idea of recently mined, and therefore "national" Bitcoins solves the doubts about the origin of the money without the need to track transactions. Previously, cryptocurrencies have been accused of payment methods that facilitate money laundering and terrorist financing. A reputation that has earned it constant supervision by various authorities in the U.S.

Although the mistrust of the authorities is remarkable, the U.S. Congress has been open to the possibility of regulating the crypto market and boosting its growth. In this sense, the industry's campaign may help certain congressmen become familiar with bitcoin.

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