Former US Representatives Launch New Bitcoin Policy Group to Educate Policymakers and the Public
Former US representatives Tim Ryan and David McIntosh are joining forces to lead a new Bitcoin policy group called BPI Action. The 501(c)4 organization aims to educate policymakers and the public about Bitcoin and other economic innovations. BPI Action will join the Blockchain Association and the DeFi Education Fund, which have already established themselves in Washington. The Bitcoin Policy Institute provides funding for academic research on Bitcoin and other emerging monetary networks.
The new group’s launch comes at a time when Congress is considering new cryptocurrency regulations. Republicans have recently proposed draft legislation while a broader, bipartisan bill is also being considered. The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) continue to put pressure on cryptocurrency firms, with the SEC recently going after Coinbase and Kraken, while the CFTC went after Binance and its CEO.
As regulatory clarity remains uncertain in the country, Coinbase CEO Brian Armstrong has indicated that the company may relocate its headquarters to another country. Binance US has recently been forced to stop buying the assets of crypto credit institution Voyager Digital due to regulatory pressure.
Ryan and McIntosh plan to 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.
Ryan and McIntosh see Bitcoin and other digital innovations as a way to bring more underserved communities into financial inclusion, as traditional financial services have left a number of communities behind without proper guardrails that encourage innovation. They believe that these digital innovations can encourage the development of alternative energy sources, creating more American jobs. With BPI Action, they hope to advocate for policies that will enable these innovations to thrive while still maintaining consumer protection and financial stability.
