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, based on a non-public electronic 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 so far.”
Bitcoin Journal expects the assembly to function officers from the Biden Administration, Home, and Senate, alongside American businessman Mark Cuban, based on the e-mail. The first goal of this assembly is to strategize on learn how to “preserve Bitcoin and blockchain innovation in the US.” This initiative is seen as a response to former President Donald Trump’s current endorsements of the Bitcoin trade. Trump has lately grow 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, shifting 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 habits, together with drug commerce and different criminality….”
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 shield 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 assist for Bitcoin and crypto extends past political rhetoric. His marketing campaign turned 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 “conflict 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 corporations 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 experiences recommend that discussions are underway inside Biden’s marketing campaign to simply accept crypto donations by way of Coinbase Commerce.
The Biden Administration’s stance on crypto seems to be evolving, as indicated by current developments. This shift will 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 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 US 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 surroundings 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 US.
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