Barney Frank (born March 31, 1940) is an American politician who served as a member of the U.S. House of Representatives from 1981 to 2013. He was a leading figure in the liberalization of banking regulations and financial technology, particularly in regards to cryptocurrency regulation.
Frank’s influence on cryptocurrency legislation began during his tenure when he co-authored The Wall Street Reform and Consumer Protection Act – commonly referred to as Dodd–Frank – which passed into law on July 21st 2010. This act brought about sweeping changes for banks and other financial institutions including giving more oversight powers over derivatives such as Bitcoin futures contracts, with the stated purpose being investor protection against frauds or manipulation within this new asset class.
In addition to providing regulatory clarity around crypto assets themselves, Frank also introduced HRes 835 which called upon Congressmen Grijalva & Polis’ “Virtual Currency Tax Reform Act” that would make it easier for businesses using virtual currencies by creating straightforward tax policies applicable across all states; helping legitimize digital currency further amongst wider audiences while providing much needed guidance for smaller entities venturing into this space looking for certainty around taxation rules before making any commitment towards adoption.
On October 9th 2012 Barney Frank took part at an open discussion regarding cryptocurrencies hosted by Coin Center where he expressed his opinion that if properly regulated then cryptos could prove very useful in encouraging economic growth due their potential ability increase access global capital markets without relying too heavily on traditional banking methods – a point echoed later by many authorities since then.. His views were credited alongside those others present such Congressman Jared Polis during the hearing whose support helped kickstart various legislative initiatives related not only to protecting consumers but also enabling entrepreneurs working within blockchain/cryptocurrency industry have greater freedom operate securely without fear legal repercussions or hostile political climates stifling innovation forward progress made so far within sector overall .
