Two Former US Representatives To Lead New Bitcoin Policy Group

Key Points:

• Tim Ryan and David McIntosh, both former US representatives, will lead the Bitcoin policy group.
• They are traveling to Washington to discuss the advantages of Bitcoin.
• The pair will lead BPI Aciton, a Bitcoin Policy Institute-affiliated group.

According to The Block, Tim Ryan and David McIntosh, two former US representatives, will lead the new Bitcoin policy group BPI Action, which aims to educate policymakers and the public about the economics of Bitcoin and other economic innovations.

The 501(c)4 organization will be unveiled on Wednesday at the institute’s Bitcoin Policy Summit in Washington, DC.

Ryan used the following statements in a statement shared with The Block:

“Traditional financial services have left a number of communities behind and without proper guardrails that encourage innovation. Bitcoin and other digital innovations can bring more underserved communities into financial inclusion. They can also encourage the development of alternative energy sources creating more American jobs.”

BPI Action will join the Blockchain Association and the DeFi Education Fund, both of which have already established themselves in Washington. The Bitcoin Policy Institute provides funding for academic research on Bitcoin and other emerging monetary networks.

The formation of the new BPI Action group comes as Congress considers new cryptocurrency regulations. Republicans recently proposed draft legislation as lawmakers consider how to regulate stablecoins, and a broader, bipartisan bill that would set rules for the industry as a whole is also being considered.

The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in the United States continue to put pressure on cryptocurrency firms. The SEC recently went after Coinbase and Kraken, while the CFTC went after Binance and its CEO.

If regulatory clarity cannot be achieved in the country, Coinbase CEO Brian Armstrong has indicated that the company may relocate its headquarters to another country.

Binance US said in a statement today that it was forced to stop buying the assets of crypto credit institution Voyager Digital due to regulatory pressure.

Ryan and McIntosh will take their Bitcoin policy show on the road next month to Miami for the Bitcoin 2023 conference. When Ryan ran unsuccessfully for Senate in the 2022 election cycle, he gave up his House seat. McIntosh is the president of the Club for Growth, a conservative organization that ran a pair of crypto-focused super PACs during the 2016 election.

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