Congressman Ritchie Torres (D-NY) stated that he believes blockchain, the technology underpinning cryptocurrency, can serve as a tool for greater global cooperation in humanitarian efforts such as disaster relief and providing financial services to underserved communities. He emphasized that blockchain enables both security and transparency. Torres shared his statement in an Aug. 16 clip of the Galaxy Brains podcast posted on X.
"I have a fascination with blockchain, and I view it as a transformative, all-purpose technology, and it occurred to me, and someone drove this home for me, that probably the greatest catalyst for cooperation in the world is going to be blockchain, that blockchain is going to enable human cooperation on a global scale in areas that we cannot even presently imagine," said Torres. "That's what excites me most and what I love about blockchain is that it's something of a paradox, right? It reconciles values that we thought were contradictory. It manages to provide transparency, radical transparency, without sacrificing security and privacy, and it provides privacy and security without sacrificing transparency."
According to Torres, his view of blockchain technology is informed by his experiences of poverty, housing insecurity, food insecurity, and inequality.
In a post on X last year, Torres said he believes blockchain and stablecoins—digital currencies pegged to fiat currencies such as the U.S. dollar—can support the "financial empowerment" of lower-income individuals. "The combination of blockchain and stablecoin—if properly regulated—has the potential to create a better, cheaper, and faster payment system for the lowest-income Americans," Torres said in the post.
Torres was one of fourteen Democratic U.S. Representatives who wrote a letter to DNC Chair Jaime Harrison earlier this month asking Harrison to "take a forward-looking approach to digital assets and blockchain technology." The legislators said more than 52 million Americans "have embraced digital assets" due to the possibilities they present in terms of innovation and economic opportunity. Digital assets are particularly popular among young people, people of color, and immigrants. The policymakers also said that many Americans feel left behind by the current financial system and believe it favors "the elites" over "regular people." Crypto and blockchain "represent a revolutionary shift that can enhance transparency, reduce fraud, and create a more inclusive financial system," they said in the letter. "We believe this technology is non-partisan, and the Democratic Party should also champion these innovations to help reaffirm the U.S.'s position as the leader in the global digital economy."
Haluk Levent, founder of the Turkish nonprofit Ahbap, noted that after Turkey experienced a large earthquake last year, he saw the benefits of blockchain technology in humanitarian efforts. Binance, the largest cryptocurrency exchange in the world, donated $100,000 to help Ahbap construct earthquake-resistant steel homes in Turkey. "Having a safe shelter is extremely important for affected families as it helps them to gradually gain back normalcy, stability, and independence into their lives," Levent said, according to a post on Binance's website. "Binance’s donation today will greatly support Ahbap’s efforts and allow us to benefit more families. It is also evidence of how crypto can be harnessed for good, and I am grateful to Binance for being a shining testament of blockchain’s transformative power."
Torres is a Bronx native who serves on both the House Financial Services Committee and its Subcommittee on Digital Assets, Financial Technology and Inclusion.
