An Ohio member of the U.S. House’s Financial Services Committee has seen the future, and it’s in crypto.
Rep. Warren Davidson, a Troy Republican in his third term, previously made a reputation for himself primarily as a stalwart member of the House Freedom Caucus. And in cryptocurrency — a digital currency or asset that uses encryption techniques for regulation and verification — Davidson has found an important legislative issue and a need that he hopes he can fill.
Cryptocurrency — bitcoin is one example — was created in the aftermath of the financial meltdown by a group of renegades frustrated by the power held by banks. As an alternative to common banking, they began creating a decentralized currency that used the blockchain — a distributed and public peer-to-peer digital ledger that can record transactions over many computers to protect the transaction through added transparency.
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