House Minority Leader Kevin McCarthy is a crypto fan. In a break from President Donald Trump’s rhetoric, the California Republican says he believes in the world’s leading cryptocurrency.
He also touts the power of decentralization and how the popular digital asset has remained secure after 10 years of powering transactions around the globe.
Appearing on CNBC, McCarthy says blockchain technology which underpins Bitcoin and other cryptocurrencies, can solve the concerns consumers face when they use online platforms that can compromise or sell user data.
“I like Bitcoin… Blockchain gives you a great deal and amount of security.”
As for Facebook and its digital asset Libra, McCarthy draws the line.
“When I’m on Facebook, I’m not the customer, I’m the product. Facebook is free because they sell your data to make money. Now they want to get into the business, and they’re not Bitcoin – in this Libra. They’re not decentralized.”
In an op-ed for the New York Times, published on Sunday, McCarthy writes,
“Don’t count on government to protect your privacy. Let’s look to technologies like blockchain and other innovations to keep our data private.”
“I don’t think we should feel confident that the bureaucratic leviathan has what it takes to develop or enforce nimble responses to rapid change in the technology industry.
We should look instead to the greatest driver of competition, the free market, for the most compelling responses to our privacy concerns.
Technological advancements can meet Americans’ demands for privacy, and perhaps already are, through cryptonetworks. Cryptonetworks are decentralized platforms governed by the community of users rather than by chief executives or small management teams.
You would access these networks by logging on to a browser similar to what you use today. But the piping undergirding the decentralized networks is powered by blockchain technology capable of delivering stronger data security, portability and privacy for every user.”
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“As the most technologically advanced country in the world, it is America’s responsibility to give this technology space to run and grow. Companies that have repeatedly broken promises to their users deserve scrutiny. But the federal government must not mistakenly turn scrutiny into suppression.”