Final weekend, Bitcoin Journal reported that U.S. Consultant Ro Khanna, who represents California's seventeenth congressional district, might be internet hosting a Bitcoin and blockchain roundtable in Washington, D.C. in early July. That is based on a non-public electronic mail despatched by Khanna's workplace and seen by Bitcoin Journal. Based on the report, Khanna's workplace described the upcoming assembly as “probably the most important assembly between policymakers and blockchain innovation leaders to this point.”
Based on the e-mail, Bitcoin Journal expects the assembly to be attended by officers from the Biden administration, Home of Representatives and Senate, in addition to American businessman Mark Cuban. The principle objective of the assembly might be to strategize on methods to “preserve Bitcoin and blockchain innovation in the US.” The trouble is seen as a response to former President Donald Trump's latest assist for the Bitcoin business. Trump lately grew to become the primary president to just accept Bitcoin Lightning funds for marketing campaign contributions.
Former President Donald Trump dramatically modified his stance on cryptocurrencies, going from vocal critic to ardent supporter. In 2019, Trump stated:
“I’m not a fan of Bitcoin or different cryptocurrencies. They aren’t cash and their worth is very unstable and unfounded. Unregulated crypto property may facilitate unlawful actions, together with drug trafficking and different unlawful actions…”
Trump's change in stance on Bitcoin was evident in a collection of feedback he made on his Reality social media platform after assembly with Bitcoin miners at his Mar-a-Lago property in Florida. Trump declared, “The selection is evident: President Trump will defend your proper to personal, mine and commerce Bitcoin.” The change is very notable given Trump's earlier stance in opposition to Bitcoin whereas in workplace, when he stated he wished to “go after Bitcoin for fraud.”
Trump's newfound assist for Bitcoin and cryptocurrencies goes past political rhetoric. His marketing campaign is the primary main presidential marketing campaign to just accept donations in cryptocurrency, seen as an try to draw youthful voters who historically assist the Democratic Get together. Trump has additionally pledged to finish what he calls President Joe Biden's “conflict on crypto” if re-elected.
In distinction, the Biden administration has taken a notably hostile stance towards the digital asset sector over the previous 4 years. This contains refusing to repeal payments that may have positioned extreme burdens on firms desirous to retailer cryptocurrencies and stifled innovation, in addition to proposing to tax electrical energy utilized in bitcoin mining in an effort to scale back emissions. Nevertheless, there are indicators of a possible change within the Biden administration's method towards crypto. Current stories counsel that discussions are underway with the Biden marketing campaign to just accept crypto donations by way of Coinbase Commerce.
The Biden Administration's stance on cryptocurrencies seems to be shifting, as evidenced by latest developments. This shift is because of a number of vital developments, together with the attainable approval of a spot Ethereum exchange-traded fund (ETF) by the SEC and the passage of the US Blockchain Adoption Act of 2023. The SEC's consideration of approving a spot ETH ETF marks a significant turning level for an asset class that beforehand appeared unattainable. Moreover, the latest passage of the US Blockchain Adoption Act of 2023 by Home lawmakers marks a small however vital step towards selling U.S. competitiveness within the blockchain business.
If realized, Congressman Khanna's upcoming roundtable could possibly be a pivotal second for the cryptocurrency business within the U.S. The roundtable goals to deliver collectively policymakers and business leaders to create a collaborative setting that fosters development and innovation. It additionally implies that each the Democratic and Republican events have been anticipating their candidates to carry roundtables on Bitcoin mining, which may pave the best way for a extra supportive regulatory setting within the U.S.
