Senator Mark Warner of Virginia, member of the Democratic Party, said at a crypto senate hearing yesterday that “we may be on top of something that is transformational,” before further adding:
“I don’t think you can separate the underlying distributed ledger, blockchain, from some of these crypto-assets.
If we had the same rate of increase the next two years that we’ve had the last couple of years – we’re talking now a couple of hundred billion – we’d be at north of $20 trillion caught up in this area by 2020.
I remember back, I was lucky enough to get in the cell phone business back in the early 80s and everybody thought it was going to be a small business. They were wrong, I got rich.
I think we’re looking at the same kind of transformation about to take place.”
The senator emphasized his message in a public statement to his 360,000 twitter followers. Warner said:
“I was an early investor in cell phones back in the ’80s, and I believe blockchain has the potential to be just as transformational as cell phones.
As our government begins to look at crypto, I don’t think you can separate cryptocurrencies from the technology they’re based on.”
The Senator is one of the few to say you can not separate crypto from blockchain tech. What he meant exactly is unclear, but as blockchain tech has facilitated cryptocurrencies which have now become a phenomena, separating the two would probably be difficult.
Moreover, the very positive words by the democrat does suggest cryptos specifically and blockchain tech generally bridge any political divides.
They are, after all, just a technology. Which like the internet or much of anything else can be used as a tool towards whatever ends one pleases. With the technology itself not really having any ideology or bias, nor is anyone constraint from designing whatever crypto they like.
Congress, therefore, might find bi-partisan agreement as this space now moves very much to the mainstream and as the elected might perhaps start considering crypto specific legislations.