Ohio’s and Indiana’s former reps, Tim Ryan and David McIntosh, head back to Washington to initiate discussions on the advantages of Bitcoin. They will chair BPI Action, an excellent effort involving the Bitcoin Policy Institute to educate the public and policymakers about the social and economic benefits of BTC and other digital innovations.
The unveiling of the 501(c)4 organization will take place at the Bitcoin Policy Summit on Wednesday in Washington. Tim Ryan, who has worked on crypto legislation, said that the conventional financial systems had left several communities behind without any proper guardrails to encourage innovation.
Digital innovations like Bitcoin can potentially bring underserved communities into financial inclusion. In addition to this, these innovations also encourage the development of alternative energy sources, which can create more jobs for Americans.
BPI Action will unite with other cryptocurrency groups in Washington, such as the DeFi Education Fund and Blockchain Association, which recently signed its 107th member.
The novel action has compelled Congress to make new rules for crypto. Lawmakers are weighing different ways to regulate stablecoins and have recently proposed draft legislation. In the meantime, many U.S. regulators, such as the Commodity Futures Trading Commission and the Securities and Exchange Commission, have consistently been overseeing and monitoring major companies like Binance, Kraken, and Coinbase.
Tim Ryan and David McIntosh will probably take their BTC Policy to Miami at the Bitcoin 2023 conference in May. The chair of the group, Ryan, gave up his seat in the House after running unsuccessfully for the Senate during the election cycle in 2022. The President of Club for Growth, David McIntosh, deployed crypto-focused PACs during the 2022 elections.
Cofounders of Bitcoin Policy Institute David Zell and Grant McCarty hope that the new BPI Action group will allow conversations based on facts about Bitcoin. It will also help the public and policymakers to have more honest conversations about the advantages of US-based innovations in this digital space.