U.S. Representative Ritchie Torres (D-NY) suggested that blockchain technology could be utilized as a tool to liberate impoverished communities from the burden of exorbitant fees associated with traditional finance. This discussion took place during his participation in the 2023 Blockchain Association Policy Summit on Nov. 30.

"I spent all my early life in poverty. As a policymaker, I think about how to use all technology to reduce racially-concentrated poverty. Blockchain technology can liberate the lowest income communities from the high fees of the traditional financial system," said Torres.

In March 2022, Torres expressed his optimism about cryptocurrency's potential impact on impoverished people through a social media post on X, formerly known as Twitter. He articulated that cryptocurrency could eliminate long delays and high fees usually experienced while making payments and remittances.

According to CoinTelegraph, there is an extensive population of individuals who are unable to open bank accounts due to associated costs or bad credit score, and for such "unbanked" individuals, decentralized finance (DeFi) could provide access to essential financial services like lending, borrowing, trading assets, and earning interest.

As per a report by the World Bank, approximately 1.4 billion people globally lack bank accounts or accessibility to conventional financial tools — a demographic often referred to as "unbanked". This category predominantly consists of women, individuals living in poverty or remote areas, and those who received minimal education.

Professor Linda Jeng of Georgetown Institute of International Economic Law underscored the "social value" of crypto during a Senate Banking Committee hearing on cryptocurrency in February. She stated that crypto has already started demonstrating its worth by promoting financial inclusion for unbanked individuals: "A substantial percentage of adults around the world today lack access to basic banking and financial opportunities...Although lack of access is more significant in developing countries, it is also common in advanced economies," Jeng said.

Representative Torres, a Bronx native, holds positions in the Committee on Financial Services and the House Select Committee on the Chinese Communist Party, as stated on his official website.

The Blockchain Association Policy Summit was conducted over two days — Nov. 29 and 30. The event brought together policymakers, regulators, and leaders from the crypto industry for discussions, according to information available on the association's website.