First-time Democratic congressional candidate, Brian Forde, could be Bitcoin’s new friend in Washington due to his history with Bitcoin and interest in letting Bitcoin thrive without suppressive legislation.
Brian Forde has announced his running for congress which will take place in November 2018. He will compete in the midterm elections at Orange County, California. His success may decide whether Democrats or Republicans control the House of Representatives.
Brian Forde is a 37 year old Democrat who has a long history with the technology sector. He has served as director of digital currency at MIT Media Lab and has been an outspoken supporter of Bitcoin and deregulation. He was a senior advisor to the Obama administration in the office of Science and Technology Policy. He even created a Skype-like service as part of his peace corp placement at Nicaragua.
Bitcoin investors, like Tyler Winklevoss, have taken interest in Brian Forde’s campaign because he may be their only real hope of deregulating cryptocurrencies.
Forde has voiced numerous concerns about how misinformed regulation could suffocate Bitcoin out of existence. Forde explains that we need ‘regulatory sandboxes’ that allow innovations to flourish. He understands that it is no good introducing harsh regulations at the start of an innovation because it will stifle its growth.
Senators Feinstein and Grassley, for example, tried to introduce Bitcoin legislation in December 2017 to criminalize concealed ownership of cryptocurrencies. Both senators are 84 years old and seem to have little knowledge of the newly formed innovation. There seems to be a real gap in congress with law makers having little experience in the technology sector.
The lack of knowledge, moreover, is not restricted to congress as there are numerous examples of mishandled policies in the business sector. Facebook, for instance, made a ban on crypto related ads in an effort to cut down on ‘fake news’. Banks have also created new sanctions that prevent credit card holders from purchasing cryptocurrencies.
