Bitcoin Advocate Expected to be Confirmed Today as Trump Budget Chief

Mick Mulvaney is expected to be confirmed today by the US Senate as the Trump administration’s Director of Office of Management and Budget. This is hailed as a great development for the American fintech ecosystem as he is a known supporter of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology and Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.

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A Tea Party Republican, Mulvaney is considered a staunch fiscal conservative that wishes to drastically limit the federal government’s spending on social programs. Last week he faced a hard confirmation hearing when Democrats grilled him on his positions as well as a misunderstanding about paying taxes for a babysitter he once employed which Senator Bernie Sanders called “very, very important.”

Mulvaney was already scheduled to face confirmation votes in two Senate committees this Tuesday but the voting was postponed until Thursday. The Senate Homeland Security and Governmental Affairs will vote at 10:00 am, Washington DC local time, and at 11:00 am the Senate Budget Committee will follow.

Perianne Boring, President of The Chamber of Digital Commerce, commented to Finance Magnates: "The nomination of Congressman Mulvaney, co-founder of the Congressional Blockchain Caucus, as Director of the Office of Management and Budget shows welcome sophistication on the part of the new Administration. A smart approach toward agency adoption, and regulation of this breakthrough technology is just what's needed to establish and maintain the U.S. as the global leader in distributed ledger technology."

Commonly known as the Bitcoin Caucus, the mission of the body that Mulvaney co-founded is to help congressmen stay up to speed on cryptocurrency and blockchain technologies, and develop policies that advance them.

He is also a supporter of Coin Center, a non-profit research and advocacy center focused on public policy issues facing cryptocurrency technologies, which raised over $1 million earlier this year.