A significant portion of the United States Congress is over 80 years old, raising questions about its ability to regulate cryptocurrency effectively. Challenges include understanding the technical complexities of Blockchain technology and the economic implications of volatile crypto markets. Despite the age factor, there has been notable activity in Congress around crypto legislation, showing that collective experience aids regulatory efforts.
The issue of age has been recurring when it comes to holding public office, especially in the context of the digital age and technological advances. The cryptocurrency industry is a clear testimony to this phenomenon.
One cannot help but wonder if members of the United States Congress who are over 80 years old are in a position to understand and regulate this market.
Seasoned politicians over the age of 80 include names like Sen. Charles Grassley (R-IA) and Dianne Feinstein (D-CA), both 89. Plus, stalwarts like House Speaker Nancy Pelosi (D-CA) and Senate Minority Leader Mitch McConnell (R-KY) make the cut.
The Octogenarian Members of the United States Congress
The fact that some members of Congress are elderly is not inherently problematic. In fact, experience, wisdom, and a lifetime of public service offer invaluable insights into governance.
However, the rapid evolution of technology, especially in areas like cryptography, challenges even the brightest and most contemporary minds. Jack Lobel, press secretary for Voters of Tomorrow, explained it as follows:
“As a whole, Congress is too old. Young people deserve a voice in government just as much as any American. We need representatives in government who understand what it is like to grow up in Generation Z.”
The Complexity of Regulating Cryptocurrencies
The complexity for the current members of Congress to regulate cryptocurrencies lies in multiple facets such as technical complexities, economic implications, and regulatory challenges.
Technical complexities: At its core, cryptocurrencies operate on the Blockchain. Understanding the decentralized nature of Blockchains, crypto hashes, and public and private keys requires significant technical knowledge. Therefore, this could be a significant barrier for people who did not grow up in the digital age or adapt to its changes.
Economic Implications: Cryptocurrencies reshape the way one views currencies, assets, and commodities. Consequently, the volatility of cryptocurrencies, the speculative nature of investments, and their implications for national and global economies are topics of considerable debate.
Regulatory challenges: The decentralized and often anonymous nature of cryptocurrencies makes them resistant to traditional regulatory approaches. Therefore, writing effective laws requires understanding the mechanics of cryptocurrencies and the spirit that drives their adoption.
Given these complexities, one might wonder whether it is plausible for octogenarians in Congress to draft and vote on effective cryptocurrency-related legislation.
Some critics argue that this age group may not fully understand the intricacies. Therefore, they rely heavily on industry advisors and experts, which could lead to regulations that could be ineffective or even harmful.
America’s War on Cryptocurrency
The US Congress seems to be moving towards crypto regulation. The Blockchain Regulatory Clarity Act and the Financial Technology Protection Act address the legitimacy of cryptocurrencies and BSA compliance.
Quoting Congressman Tom Emmer (R-MN), there is a pressing need to bring “clarity where there is none.”
Although the path to such clarity remains rocky, one hopes that the combined experience of Congress, regardless of age, can lead the United States to a promising crypto future.
Yet, the question remains: does age represent a number, or does it indicate a potential gap in understanding cryptocurrency?
By Audy Castaneda
