I’d like to reach out to all the people out there who are passionate about blockchain technology and explain how I believe our government should approach utilizing and regulating blockchain and related technologies.
While blockchain technology may not be a perfect solution to every problem that exists with current technology or financial systems, many people do understand that this technology will very likely transform or even replace a number of large industries. However, they also understand that – while blockchain technology shows a lot of promise – for it to achieve everything it can do, it’s going to need some help from the very institutions that it intends to revolutionize. That’s why my progressive platform as a candidate for US House in Colorado’s 7th District includes three transformative policies that will inspire incredible amounts of innovation, growth, and job creation within the blockchain industry.
In many ways, blockchain technologies enable certain industries and processes to function more efficiently than they ever could before. I think it makes sense for our government to look at where we can start using this technology to make things easier and better. That’s why, when elected, I will introduce The Public Blockchain For Public Records Act which will fund the digitization and recording of all of America’s public records on an existing open source, sufficiently decentralized, public blockchain. This will provide a universally standardized system through which these records will be incredibly secure and available for retrieval at any time without interruption. This blockchain-based system will be a vast improvement over the patchwork of unreliable and outdated systems that we currently use to record and retrieve these public records.
I believe that we should significantly deregulate ICOs. Now, usually I’m against the deregulation of financial instruments, but that’s because those deregulation efforts tend to be economically careless and purely inspired by the greed of billionaire bankers and their shareholders. However, the objective with this particular deregulation effort isn’t to feed into the greed of the financial industry, it’s simply to level the playing field between the millionaires and everyone else. See, while the technology required to create an ICO is only a handful of years old, the laws regulating these ICOs are nearly 90 years old! The result is that we have an extremely restrictive regulatory framework for early-stage investments meaning that millionaires are the only people who are legally allowed to invest in companies like Amazon, Facebook, Twitter, Google, Lyft and Uber when they’re at their earliest stages, offering the greatest risk and greatest reward. That’s why, when elected, I will introduce The ICO Crowdfunding Act that will do two things: 1.) Eliminate essentially all SEC registration requirements for securities created through the ICO process and 2.) Eliminate essentially all “accredited investor” requirements for securities created through the ICO process. It’s important to note that this would not make it legal for folks who create an ICO to lie about their investment product or to defraud investors – it would simply enable small companies to more easily seek early-stage funding while providing investors with less than $1,000,000 in net worth the opportunity to finally begin investing in these opportunities.
Our government has done an absolutely terrible job at providing guidance and clarity regarding how cryptocurrency as an asset will be classified and taxed over the long-term. Investors, developers, speculators, and hobbyists all deserve better than what they’ve been offered. That’s why, when elected, I will introduce The Cryptocurrency Is Currency Act that will essentially do two things: 1.) Formally classify cryptocurrency as currency for investment and taxation purposes and 2.) Remove the tax obligation incurred when using cryptocurrency for everyday expenses and transaction. The goal here is to enable people to finally be able to make everyday transactions (like buying groceries or paying bills) using cryptocurrency without incurring a tax obligation and having to call their accountant afterwards while still preventing people from shifting their cryptocurrency assets into other investment vehicles without paying taxes.
When we pass The Public Blockchain For Public Records Act, The ICO Crowdfunding Act, and The Cryptocurrency Is Currency Act the United States will instantly become the world leader in adopting this new technology to help make people’s lives easier while boosting our economy and creating tons of new jobs in a cutting-edge industry.
Well, first of all, http://NathanClayForCongress.eth (requires MetaMask) is a website Powered by Ethereum. It utilizes the Ethereum Name Service to resolve its .eth domain name to both our campaign’s Ethereum wallet address AND to the website content hosted on the decentralized InterPlanetary File System. I learned a lot about interacting with the Ethereum blockchain while conquering the various challenges involved in setting all of this up properly, but at least it gave me a good excuse to attend more of the Colorado Blockchain Meetups in the Denver area. I’d actually like to give a big shoutout and thank you to that entire community for always being so welcoming and quick to lend a helping hand.
Our campaign’s utilizing the Ethereum blockchain in another – slightly more optimistically experimental – way as well! We recently created an ERC-20 token called “Blockchain Activist | Nathan Clay For Congress“ that we’d like to give away as a political cryptocollectible to anybody that sends us at least enough to cover the cost of making a transaction on the Ethereum blockchain (usually just a few cents). This token does not and will not have any utility – it exists exclusively to show your support for one of the few congressional candidates giving blockchain technology the attention that it deserves. Here’s the information about how to obtain the ERC-20 token:
1.) We’re assuming that you’re already familiar with how to acquire the major cryptocurrencies and send them to other wallets/addresses. If not, send us an email at [email protected] and we’ll help you get set up!
2.) Either send Ether to the Ethereum address nathanclayforcongress.eth -or- send any cryptocurrency listed on Coinbase from your Coinbase account to the Coinbase account [email protected] (and remember to send at least enough to cover the cost of making a transaction on the Ethereum blockchain – usually just a few cents).
3.) This step is absolutely critical if you want to obtain your ERC-20 token. All contributors (especially those who give more than $50) must send an email to [email protected] that includes the Ethereum address that you want the ERC-20 token sent to, your name, and your mailing address. We are legally required to collect this information about all of our contributors and promise that we will never do anything with this information other than use it to fill out the required campaign finance forms. Due to these legal requirements we will unfortunately only be able to send the ERC-20 tokens to contributors that send us an email with this information included.
Thanks for participating in our blockchain experiment! Since we’re a super small grassroots campaign everything that we do is all done in-house for as little money as possible. So, setting all of this up was equal parts interesting, educational, frustrating, and rewarding for us. But, hey, that’s working with the blockchain for ya! 😉 If you liked any of this content, share it on social media (especially Reddit!) and if you have any questions or comments about any of our policies or anything else that we mentioned here, feel free to reach out to the campaign at any time!
– Nathan Clay For Congress
If you want to support the campaign but would prefer to donate using traditional fiat currency, click here to go to our campaign’s ActBlue donation page. You can still get the ERC-20 token if you contribute using this method, but you’ll have to send us an email telling us what Ethereum address you’d like the token sent to. Thanks!
Wanted to end with another quick shoutout to the Colorado Blockchain community! Thanks for doing everything that you do to provide a consistently fun, interesting, and educational outlet for the passion and enthusiasm of all of the blockchain and crypto nerds in Colorado. Congratulations on your recent Trash Bash event sponsored by Maker! I had a great time hanging out with my friends, cleaning some trash out of the lakes of my local community, and getting rewarded in cryptocurrency just for coming out and having a good time! If anyone ever has the opportunity to participate in a local event like this, I highly recommend it! I had a blast.
NCFC Ethereum wallet address: 0xC405B194Ad4D2f66a12349472ccAe4d387a9A8f6 (or nathanclayforcongress.eth)