Block CEO Jack Dorsey briefs Congressional Democrats on bitcoin

Quick Take

  • Congressional Democrats invited Jack Dorsey, the founder of Block (formerly Square) and Twitter, to talk about bitcoin, The Block has learned.
  • Dorsey briefed the Democrats of the House Financial Services Committee during a private Q&A session on March 31, sources say. 

Congressional Democrats invited Jack Dorsey, the founder of Block (formerly Square) and Twitter, to talk about bitcoin, The Block has learned.

According to two sources familiar with the matter, Dorsey briefed the Democrats of the House Financial Services Committee during a private Q&A session on March 31.

The Block has obtained notes taken by an attendee of the meeting, which was hosted by the committee but open to other Democratic members and their staffs.

The notes indicate that members asked Dorsey a series of questions related to frequently-cited concerns over crypto. These include Bitcoin's energy consumption, application in money laundering, and limited circulation as a means of payment.

Dorsey referenced changes in the energy mix that powers proof-of-work networks like Bitcoin, the transparency of blockchain-based transactions for investigators, and the growing userbase for crypto in payments outside of the Western world.

The members were also interested in Block's move to focus on bitcoin-based payments.

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