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Over the weekend, Bitcoin Journal reported that US Congressman Ro Khanna, representing California’s seventeenth congressional district, is about to host a Bitcoin and blockchain roundtable in Washington, D.C., in early July, in line with a non-public electronic mail despatched by Khanna’s workplace and seen by Bitcoin Journal. Khanna’s workplace reportedly described the upcoming assembly as “probably the most important assembly between policymakers and innovation leaders in blockchain up to now.”
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 the best way to “maintain Bitcoin and blockchain innovation in the USA.” This initiative is seen as a response to former President Donald Trump’s latest endorsements of the Bitcoin business. Trump has not too long ago 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 the direction of cryptocurrencies, transferring from vocal critic to ardent supporter. In 2019 Trump stated,
“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 habits, together with drug commerce and different criminality….”
The transformation in his strategy to Bitcoin was evident in a collection 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 selection is evident. 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 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 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 “battle on crypto” if re-elected.
In distinction, the Biden Administration has taken a notably hostile stance in the direction of the digital belongings sector for the previous 4 years. This has included a veto of a repeal of laws that may have imposed undue burdens on corporations trying to custody crypto and will stifle innovation and proposals for tax on electrical energy used for Bitcoin mining aimed toward decreasing emissions. Nonetheless, there are indications of a possible shift within the Biden Administration’s strategy to cryptocurrencies. Latest stories counsel 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 latest 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 major turnaround for an asset class that was beforehand assumed to be lifeless on arrival. Moreover, the latest passing of the Deploying American Blockchains Act of 2023 by Home representatives marks a modest however vital step in the direction of selling the competitiveness of the USA within the blockchain business.
If realized, Congressman Khanna’s upcoming roundtable might signify a pivotal second for the US crypto business. The roundtable goals to create a collaborative atmosphere to foster development and innovation by bringing collectively policymakers and business leaders. It will additionally imply each Democrats and Republicans anticipated nominees had held Bitcoin mining roundtables and should pave the best way for a extra supportive regulatory panorama in the USA.