How many politicians have really had hands-on experience with crypto, despite the fact that a growing number of politicians have discussed it on Capitol Hill?
Rep. William Timmons (R-SC), a South Carolina resident who helped set up the Republican’s personal digital budget last week, was inspired by that question. Using the Ethereum Name Service, aka ENS, Rep. Timmons successfully initialed his self-custodial budget “wrtiv. eth”.
According to Timmons, the aim was to gain some knowledge of the technology that would allow for monetary sovereignty on Tuesday. The day before, he added his bag’s practice handle to his account on X ( previously known as Twitter ), tacking it on at the end of his site’s description.
” We can study legislation, we may try to understand plan, but experiencing it is also crucial”, Timmons said. The least I could do was to mention that I was trying to solve this problem that is ahead of us by adding” .eth” to my Twitter profile.
The issue Timmons raised is honing and passing a number of bills that may define the industry’s regulatory framework, whether it’s legislation for stablecoins or a bill outlining how various agencies does polic the space.
As a member of the Subcommittee on Digital Assets, Financial Technology and Inclusion—or just Digital Resources, as politicians refer to it—Timmons said he will work with other politicians. The Financial Innovation and Technology for the 21st Century Act, or FIT21, which was passed last time, will gain bipartisan help, according to him.
” We’re gonna probably tweak it a little bit, add some additional regulations to it, and make sure that we still have republican help”, he said. ” I think everyone understands the importance of it going forward, and there has been a lot of knowledge that has occurred on both sides of the aisle,” he said.
Last year, Timmons introduced the New Frontiers in Technology ( NFT ) Act alongside Rep. Ritchie Torres (D-NY). The bill did create” covered NFTs,” which are not subject to legal or regulatory scrutiny as digital collectibles or works of art.
Timmons ‘ decision to add” .eth” to his X site’s description was not related to any bullposting from the president’s boy, he said. On Monday, Eric Trump said on X,” In my opinion, it’s a great time to add$ ETH. You may thank me later”.
Brantly Millegan, a 10-year senior of the crypto industry who formerly served as ENS’ director of operations, rather reached out to Timmons. Millegan claimed to have known Timmons for centuries to .
He claimed that “he wanted to try it out himself because Crypto has become a significant plan matter.” I hope more members of Congress follow his example.
Timmons ‘ on-chain experience has certainly been limited, which highlights the level of regulatory uncertainty he first saw in banks.
” I learned that my lender doesn’t like it”, he said. ” I’ve tried to put money on and taking money off, and I cannot”.
Daily Debrief Newsletter
Start every day with the best news stories right now, plus unique characteristics, a audio, video and more.
