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 accordance with a non-public e-mail despatched by Khanna’s workplace and seen by Bitcoin Journal. Khanna’s workplace reportedly described the upcoming assembly as “essentially the most important assembly between policymakers and innovation leaders in blockchain to this point.”
Bitcoin Journal expects the assembly to characteristic officers from the Biden Administration, Home, and Senate, alongside American businessman Mark Cuban, in accordance with the e-mail. The first goal of this assembly is to strategize on the best way to “preserve Bitcoin and blockchain innovation in the USA.” This initiative is seen as a response to former President Donald Trump’s current endorsements of the Bitcoin trade. Trump has lately change into the primary President to just 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’m not a fan of Bitcoin and different Cryptocurrencies, which aren’t cash, and whose worth is extremely unstable and primarily based on skinny air. Unregulated Crypto Belongings can facilitate illegal conduct, together with drug commerce and different criminal activity….”
The transformation in his method to Bitcoin was evident in a sequence of statements made on his Reality Social media platform following a gathering with Bitcoin miners at his Mar-a-Lago property in Florida. Trump declared, “The selection is obvious. President Trump will defend your proper to personal Bitcoin, to mine Bitcoin, to transact with Bitcoin”. This shift is especially noteworthy given Trump’s earlier stance towards Bitcoin throughout his presidency, the place he allegedly needed to “go after Bitcoin for fraud.”
Trump’s newfound help for Bitcoin and crypto extends past political rhetoric. His marketing campaign turned the primary main presidential marketing campaign to just 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 “struggle on crypto” if re-elected.
In distinction, the Biden Administration has taken a notably hostile stance in direction of the digital property sector for the previous 4 years. This has included a veto of a repeal of laws that will have imposed undue burdens on firms seeking to custody crypto and will stifle innovation and proposals for tax on electrical energy used for Bitcoin mining geared toward lowering emissions. Nonetheless, there are indications of a possible shift within the Biden Administration’s method to cryptocurrencies. Current reviews recommend that discussions are underway inside Biden’s marketing campaign to just 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 may 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 major 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 the USA within the blockchain trade.
If realized, Congressman Khanna’s upcoming roundtable may signify a pivotal second for the US crypto trade. The roundtable goals to create a collaborative setting to foster development and innovation by bringing collectively policymakers and trade leaders. It might additionally imply each Democrats and Republicans anticipated nominees had held Bitcoin mining roundtables and will pave the way in which for a extra supportive regulatory panorama in the USA.
