WallCoin: US Lawmaker Recommends Using Cryptocurrency to Fund Trump's Mexico Border Wall

Omar Faridi

Warren Davidson, an American politician and member of the US House of Representatives from the state of Ohio, has recommended using a cryptocurrency to fund President Trump’s project - which involves building a wall across the US border with neighboring country Mexico.

Trump Administration’s plans to build the wall have not been well received by some, however this has not deterred Davidson and other US lawmakers (who support the initiative) from proposing various ways to fund the project. In an interview with NPR’s Steve Inskeep, Davidson said he had previously suggested letting the American citizens pay for the wall.

Notably, building a wall across the Mexican border (in an effort to reduce the number of illegal residents in the US) was an important aspect of US President Trump’s list of promises during his 2016 presidential campaign. Although most US Democrats still don’t support the idea, Davidson told Inskeep that several lawmakers were still serious about launching initiatives to help build the wall.

Funding Project With ICO

Interestingly, the American politician has recommended launching an initial coin offering (ICO) for what he calls “WallCoin” - in order to raise funds for constructing the wall. Davidson suggested that the crowdfunding initiative should be open to everyone, and not only US residents. He remarked: 

You could do it with sort of like a crowdfunding site or you could do a blockchain and you could have WallCoins, but you could raise the money and frankly if we get it right at the Treasury you could even pay with Mexican pesos.

Wall Would Be Reinforced With Fences

Davidson also clarified that the funds raised would not be used to build a full wall across the US border with Mexico. Instead, there would be some areas which would be reinforced with steel fences. The lawmaker explained:

There are areas that you would want to secure with a wall, and if you look at the areas where you have secured them with walls, $5 billion isn’t going to build a wall like the Great Wall of China, this is going to build secure fences.

In previous interviews and meetings, Davidson has been a vocal support of digital currencies. He has also been encouraging other American politicians to get more involved in the crypto space, as he led a round-table event (earlier this year) with over 80 representatives from both the traditional financial sector and the nascent crypto industry.

US Lawmakers Propose New Crypto Legislation

Despite the extended bear market this year, lawmakers and regulators in the US appear to be more involved with crypto-related initiatives than ever before. On December 6th, US Congressman Darren Soto and lawmaker Tedd Budd had proposed new legislation that would prevent users from manipulating cryptocurrency prices.

Soto and Budd had also pushed for new regulations that would help ensure the US would remain a “global leader in fostering innovation.” In a joint statement, Soto (Democrat) and Budd (Republican) noted:

[Blockchain and digital currencies] have a profound potential to be a driver of economic growth. That’s why we must ensure that the United States is at the forefront of protecting consumers and the financial well-being of [crypto] investors, while also promoting an environment of innovation to maximize the potential of these technological advances. This bill will provide data on how Congress can best mitigate these risks while propelling development that benefits our economy.