Over the weekend, Bitcoin Journal reported that US Congressman Ro Khanna, who represents California's seventeenth congressional district, will host a roundtable on bitcoin and blockchain in Washington, DC in early July, based on 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 gathering of policymakers and leaders in blockchain innovation thus far.”
Bitcoin Journal expects officers from the Biden administration, the Home of Representatives and the Senate to attend the assembly, together with US businessman Mark Cuban, based on the e-mail. The first purpose of this assembly is to give you a method to “preserve Bitcoin and blockchain innovation in the US.” The initiative is seen as a response to former President Donald Trump's latest endorsement of the Bitcoin business. Trump lately grew to become the primary president to simply accept Bitcoin Lightning funds for marketing campaign donations.
Former President Donald Trump has seen a dramatic shift in his stance on cryptocurrencies, going from a vocal critic to an ardent supporter. In 2019, Trump mentioned:
“I’m not a fan of Bitcoin and different non-money cryptocurrencies whose worth is very unstable and primarily based on skinny air. Unregulated crypto belongings can facilitate unlawful habits, together with drug trafficking and different unlawful actions…”
The transformation in his strategy to Bitcoin was evident in a sequence of statements made on his Fact Social Media platform after assembly with Bitcoin miners at his Mar-a-Lago mansion in Florida. Trump acknowledged: “The selection is evident. President Trump will shield your proper to personal Bitcoin, mine Bitcoin, commerce Bitcoin”. The shift is especially notable given Trump's earlier stance on Bitcoin throughout his presidency, the place he reportedly wished to “prosecute Bitcoin for fraud.”
Trump's newfound help for Bitcoin and cryptocurrencies goes past political rhetoric. His marketing campaign grew to become the primary main presidential marketing campaign to simply accept cryptocurrency donations, seen as an try to draw younger, historically Democratic voters. Trump additionally pledged to finish what he describes as “President Joe Biden's struggle on cryptocurrencies” if re-elected.
In distinction, the Biden administration has taken a distinctly hostile stance towards the digital asset sector over the previous 4 years. This included vetoing laws that may have positioned undue burdens on firms in search of to carry cryptocurrencies and will have stifled innovation and proposals to tax electrical energy used for bitcoin mining aimed toward decreasing emissions. Nonetheless, there are indicators of a potential shift within the Biden administration's strategy to cryptocurrencies. Current reviews point out that the Biden marketing campaign is in discussions to simply accept cryptocurrency donations by means of Coinbase Commerce.
The Biden administration's stance on cryptocurrencies seems to be evolving, as latest developments counsel. This shift could be attributed to a number of key developments, together with the SEC's potential approval of spot ether exchange-traded funds (ETFs) and the approval of the Deploying American Blockchains Act of 2023. The SEC's consideration of spot ETH ETFs represents a big turnaround for an asset class that was beforehand thought of for useless on arrival. As well as, the latest passage of the US Blockchain Deployment Act of 2023 by representatives of the Home of Representatives marks a modest however necessary step to advertise the competitiveness of the US within the blockchain business.
Given this, Congressman Khanna's upcoming roundtable may mark a pivotal second for the US crypto business. The purpose of the roundtable is to create a collaborative atmosphere to help progress and innovation by bringing collectively coverage makers and business leaders. It will additionally imply that each Democrats and Republicans anticipated the nominees to carry roundtable discussions on bitcoin mining, and it might pave the way in which for a extra supportive regulatory atmosphere in the US.
