Blockchain Support Entering the U.S. White House a Positive Sign

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August 3, 2018 by
Photo: Blockchain Support in the White House
Blockchain Support Entering the U.S. White House a Positive Sign

Cryptocurrencies are gaining headlines—even from the higher-ups

Last week, US presidential candidate Andrew Yang announced that his campaign will be accepting various cryptocurrencies including Bitcoin, Ethereum and “other cryptocurrencies [that comply with] ERC20 standard”.

Cryptocurrencies are are gaining headlines—even from the higher-ups

Although the chances of Yang successfully making it to the White House currently sit at 150-1, the same odds as Joe Rogan and Kanye West, his presidential campaign is seen as positive in the crypto community since a rising politician is now accepting cryptocurrency.

Experts point to the legal restriction on anonymous campaign donations as the downside for Yang’s success.

Yang is attempting to curb this legal restriction by requiring donors to provide their personal details and then sending a wallet address to the donor after confirmation. The donors are asked not to share the wallet address, as it could lead to “untraceable donations to our campaign.”

This is a major hurdle because it is nearly impossible to keep a 24/7 surveillance on the potential donor and ensure he or she does not share this wallet address to terrorists, money launderers or other criminals to fund Yang’s presidential campaign.

Former President to attend in a cryptocurrency conference

In addition to Yang’s attempt to bring blockchain technology into the White House, Ripple (XRP) just announced that the 42nd president of the United States, Bill Clinton, will be this year’s keynote speaker at their annual Swell conference.

Bill Clinton Will feature in this year's Swell conference.

Bill Clinton Will feature in this year’s Swell conference.

Ripple is the third largest cryptocurrency by market value currently, and has partnerships with the biggest banks in the world. Having a notable speaker like Bill Clinton is great for Ripple and legitimizes the entire cryptocurrency market.

The first Swell conference in 2017 also featured an impressive lineup with former Federal Reserve Chairman Dr. Ben Bernanke, inventor of the World Wide Web Sir Tim Berners-Lee, and Chairman of Blockchain Research Institute Don Tapscott headlining the event.

With the SEC decision on bitcoin ETFs still to be announced, bridging the relationship between politicians, regulators, and blockchain enthusiasts is of upmost importance. These recent signs are great for the community and signals to everyone that positive development is just around the corner.

While institutions are turning around in their evaluation of cryptocurrencies, the SECs stance on the matter is still a barrier that the space must overcome.

“B2B reporter – Content Manager – Contributor – Fintech – Blockchain – Cryptocurrency”

Simon Chou is a B2B reporter and content manager specializing in technology and finance. He has worked with many clients in the fintech and blockchain space. He holds investment positions in bitcoin and other large-cap cryptocurrencies, and has been reporting on cryptocurrency since 2017. Currently, Simon is the content manager for a major cryptocurrency exchange @HybridBlockHQ.

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