Crypto Already Has Bipartisan Support

To date, one of the most encouraging things about crypto legislation is that Republicans and Democrats have worked on it together.

Back in the mid-1990s, it was clear that the internet was going to be a very big deal. Yet the telecommunications industry was still regulated under the Communications Act of 1934.

(If this sounds familiar, remember that crypto is currently regulated under the Securities Act of 1933!)

The problem with this ancient legislation was that it gave local telephone services a monopoly: you had only one choice for a phone company, usually terrible.

Worse, the regulations around broadcast and radio meant you also had limited TV and radio stations, which were also terrible.

Worst of all, no one knew how the internet would play into these archaic laws. Would people have to buy broadcast licenses to set up a website?

As the Web began to grow, lawmakers from both the left and the right realized the telco industry needed a reboot. Modernizing the Communications Act of 1934 would not only allow for the growth of the internet, but it would create enormous economic growth for the U.S.

That’s how we eventually got the Telecommunications Act of 1996, with overwhelming bipartisan support.

It was signed into law by Democratic President Bill Clinton, and was championed by Republican leaders such as House Speaker Newt Gingrich.

Leaders from both parties worked together to shape the legislation. Democratic Senator Ernest Hollings and Republican Senator Larry Pressler collaborated in the Senate, while Democratic Representative Edward Markey and Republican Representative Tom Bliley played significant roles in the House.

The final version passed the House of Representatives by a vote of 414-16, and the Senate by a vote of 91-5. In other words, practically everyone supported the bill.

And it was a huge, sweeping bill. It deregulated phone and cable companies, which blew up the telephone monopolies and allowed for new competition. It ensured universal service at reasonable rates for all Americans. And it allowed the internet to flourish. All these ideas worked.

Today, we live in an internet economy. Which could not have happened without the Telecommunications Act of 1996. Which only happened through bipartisan cooperation.

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