Ship or Die at Accelerate 2025: Fireside Chat with Rep. Ritchie Torres

In a groundbreaking fireside chat at Accelerate 2025, Congressman Ritchie Torres, a pro-crypto Democrat, makes a compelling case for blockchain as a fundamentally progressive technology with the power to revolutionize finance and create a more inclusive economy.

Summary

Congressman Ritchie Torres, representing the poorest district in the United States, shared his vision for crypto and blockchain technology as tools for financial inclusion and innovation. Torres, who recently established the Congressional Crypto Caucus with Republican colleague Tom Emmer, argues that blockchain and stablecoins have the potential to create a faster, cheaper payment system that could liberate low-income individuals from the high fees and long delays of traditional finance.

Torres emphasized the role of stablecoins in projecting American soft power globally and providing access to stable currency for hundreds of millions in the global south. He also introduced legislation to prevent federal officials from profiting off meme coins, citing ethical concerns.

The Congressman addressed the generational divide in Congress regarding emerging technologies and called for both parties to embrace innovation. He highlighted the potential of blockchain to create a decentralized internet where users can own the fruits of their labor, leading to broader-based prosperity.

Key Points:

Crypto as a Progressive Technology

Congressman Torres views crypto and blockchain as profoundly progressive technologies with the power to revolutionize both the internet (through Web3) and finance. He argues that these innovations can particularly benefit those left behind by the traditional financial system. In his district, the poorest in America, 20% of residents are unbanked and 30% are underbanked. Many immigrants pay exorbitant fees to send remittances abroad.

Torres believes that blockchain's ability to enable real-time transactions, combined with stablecoins' power to digitize the dollar, can create a faster, cheaper payment system. This could liberate low-income individuals from high fees and long delays, addressing a key issue of financial inclusion.

Stablecoins and Global Impact

Torres sees the proliferation of dollar stablecoins worldwide as a projection of American soft power. He argues that the rapid growth of stablecoins will create increasing demand for US Treasuries, potentially making stablecoin issuers the largest owners of T-bills, surpassing even the Federal Reserve and Warren Buffett. This increased demand could lower the cost of US debt.

Furthermore, Torres highlights the global impact of stablecoins, particularly in the global south. In many parts of the world where stable currency is hard to come by, stablecoins provide hundreds of millions of people with access to a stable currency, protecting them from runaway inflation and potential theft by corrupt governments.

Ethical Concerns and Legislation

Recently, Torres introduced a bill to prevent federal officials from profiting off meme coins. This legislation was inspired by what he sees as unethical presidential profiteering, particularly referencing Donald Trump's promotion and sale of meme coins. Torres believes that no elected official should be promoting, issuing, or selling meme coins that bear their name or likeness, as it amounts to selling access to Congress or the White House.

Generational Divide and Education

Torres identifies a generational divide as the central challenge in crypto adoption and understanding in Congress. He describes Congress as a "gerontocracy" where many older members struggle to grasp new technologies. Torres emphasizes the need to overcome outdated thinking and educate colleagues about blockchain's revolutionary potential.

He argues that the colleagues most hostile to crypto often know the least about it. Torres advocates for taking the time to study blockchain, describing it as the "greatest cooperative in the world" and the "greatest coordinator of human endeavor."

The Future of Crypto Legislation

Looking ahead, Torres discusses ongoing efforts to pass crucial crypto legislation. Both the House and Senate are working on bills related to stablecoins and market structure. Torres emphasizes the need for regulatory clarity to prevent "regulation by enforcement" and provide a clear framework for compliance.

He envisions legislation that clearly defines which digital assets qualify as securities and which as commodities, as well as establishing a process for securities to become sufficiently decentralized or mature to transform into commodities. Torres believes that with regulatory clarity, the crypto industry's growth potential will be unlimited.

Facts + Figures

• 20% of the Bronx (Torres' district) is unbanked
• 30% of the Bronx is underbanked
• Stablecoin issuers may become the largest owners of T-bills, surpassing the Federal Reserve and Warren Buffett
• Hundreds of millions of people in the global south now have access to a stable currency through stablecoins
• Torres has never owned cryptocurrency due to ethical concerns as a congressman
• The economy grew by 2% per century from classical Greece to the Reformation
• After the Reformation, economic growth increased to 20% per century
• In the 20th century, following the industrial revolution, economic growth surged to 2,000% per century

Top quotes

1. "I see crypto as a profoundly progressive technology."
2. "Blockchain has the power to create a better, cheaper, faster payment system."
3. "I see the proliferation of dollar stablecoins throughout the world as a projection of American soft power."
4. "Any party or any country or any civilization that declares war on its own tech sector will ultimately rot from within."
5. "Technology is the single greatest catalyst for human progress and prosperity."
6. "Congress remains a gerontocracy. I jokingly tell people that I work for the most powerful senior center in the world."
7. "Without regulatory clarity, there is no rule of law. There's only the rule of man."
8. "Once crypto has really the regulatory stamp of approval, the sky's the limit."
9. "The gerontocracy is losing and the future is winning."

Questions Answered

What makes crypto a progressive technology according to Congressman Torres?

Congressman Torres views crypto as progressive because it has the potential to revolutionize both the internet and finance. He argues that blockchain and stablecoins can create a faster, cheaper payment system that benefits those left behind by traditional finance. This technology can help the unbanked and underbanked, reduce remittance fees for immigrants, and provide access to stable currency for people in countries with unstable economies.

How do stablecoins benefit the global economy?

Stablecoins benefit the global economy in several ways, according to Torres. They project American soft power by spreading the use of dollar-pegged digital currencies worldwide. Stablecoins also increase demand for US Treasuries, potentially lowering the cost of US debt. Additionally, they provide access to stable currency for hundreds of millions of people in the global south, protecting them from inflation and corrupt governments.

What legislation has Congressman Torres introduced regarding crypto?

Congressman Torres has introduced a bill to prevent federal officials from profiting off meme coins. This legislation aims to prohibit elected officials, including the president and members of Congress, from promoting, issuing, or selling meme coins that bear their name or likeness. Torres views this as an ethical issue, preventing the monetization of public office and selling access to government.

How does Torres address the skepticism about crypto among his Democratic colleagues?

Torres addresses skepticism by emphasizing the progressive potential of crypto and blockchain technology. He focuses on use cases like stablecoins and their ability to provide financial inclusion. Torres also points out the generational divide in understanding these technologies and stresses the importance of education. He encourages colleagues to study blockchain and understand its potential as a catalyst for human progress and prosperity.

What kind of crypto legislation is currently being worked on in Congress?

Congress is currently working on several pieces of crypto legislation. The House has passed legislation relating to stablecoins, and both the House and Senate are working on market structure legislation. These efforts aim to provide regulatory clarity, defining which digital assets qualify as securities and which as commodities. The goal is to create a clear framework for compliance and remove the "ceiling" on the growth of the crypto industry.