Over the weekend, Bitcoin Journal reported that US Congressman Ro Khanna, representing California’s seventeenth congressional district, is ready to host a Bitcoin and blockchain roundtable in Washington, D.C., in early July, in line with a personal electronic mail despatched by Khanna’s workplace and seen by Bitcoin Journal. Khanna’s workplace reportedly described the upcoming assembly as “the most significant meeting between policymakers and innovation leaders in blockchain to date.”
Bitcoin Journal expects the assembly to characteristic officers from the Biden Administration, Home, and Senate, alongside American businessman Mark Cuban, in line with the e-mail. The first goal of this assembly is to strategize on easy methods to “keep Bitcoin and blockchain innovation in the United States.” This initiative is seen as a response to former President Donald Trump’s current endorsements of the Bitcoin trade. Trump has not too long ago turn out to be the primary President to simply accept Bitcoin Lightning funds for marketing campaign donations.
Former President Donald Trump has skilled a dramatic shift in stance in direction of cryptocurrencies, transferring from vocal critic to ardent supporter. In 2019 Trump mentioned,
“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….”
The transformation in his strategy to Bitcoin was evident in a sequence of statements made on his Fact Social media platform following a gathering with Bitcoin miners at his Mar-a-Lago property in Florida. Trump declared, “The choice is clear. President Trump will protect your right to own Bitcoin, to mine Bitcoin, to transact with Bitcoin”. This shift is especially noteworthy given Trump’s earlier stance in opposition to Bitcoin throughout his presidency, the place he allegedly wished to “go after Bitcoin for fraud.”
Trump’s newfound help for Bitcoin and crypto extends past political rhetoric. His marketing campaign grew to become the primary main presidential marketing campaign to simply accept donations in crypto, seen as an try to draw younger, historically Democratic voters. Trump has additionally pledged to finish what he describes as President Joe Biden’s “war on crypto” if re-elected.
In distinction, the Biden Administration has taken a notably hostile stance in direction of the digital belongings sector for the previous 4 years. This has included a veto of a repeal of laws that might have imposed undue burdens on corporations seeking to custody crypto and will stifle innovation and proposals for tax on electrical energy used for Bitcoin mining geared toward decreasing emissions. Nevertheless, there are indications of a possible shift within the Biden Administration’s strategy to cryptocurrencies. Latest experiences recommend that discussions are underway inside Biden’s marketing campaign to simply accept crypto donations by means of Coinbase Commerce.
The Biden Administration’s stance on crypto seems to be evolving, as indicated by current developments. This shift could be attributed to a number of key developments, together with potential SEC approval of spot ether exchange-traded funds (ETFs) and the passing of the Deploying American Blockchains Act of 2023. The SEC’s consideration of approving spot ETH ETFs represents a big turnaround for an asset class that was beforehand assumed to be useless on arrival. Moreover, the current passing of the Deploying American Blockchains Act of 2023 by Home representatives marks a modest however necessary step in direction of selling the competitiveness of america within the blockchain trade.
If realized, Congressman Khanna’s upcoming roundtable might signify a pivotal second for the US crypto trade. The roundtable goals to create a collaborative setting to foster progress and innovation by bringing collectively policymakers and trade leaders. It could additionally imply each Democrats and Republicans anticipated nominees had held Bitcoin mining roundtables and will pave the best way for a extra supportive regulatory panorama in america.
