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Shaping the future of cryptocurrency
Over the weekend, Bitcoin Magazine reported According to a private email sent from Khanna’s office and seen by Bitcoin Magazine, U.S. Rep. Ro Khanna, representing California’s 17th congressional district, will host a roundtable on Bitcoin and blockchain in Washington, D.C., early of July. Khanna’s office reportedly described the upcoming meeting as “the most significant meeting to date between policymakers and innovation leaders in the blockchain field.”
Bitcoin Magazine expects that the meeting will be attended by officials from the Biden administration, the House and the Senate, along with American businessman Mark Cuban, according to the email. The main goal of this meeting is to strategize how to “keep Bitcoin and blockchain innovation in the United States.” This initiative is seen as a response to former President Donald Trump’s recent decision approvals of the Bitcoin industry. Trump recently became the first president to accept Bitcoin Lightning payments for campaign donations.
Former President Donald Trump experimented with a dramatic change position on cryptocurrencies, going from vocal critic to ardent supporter. In 2019 Trump said:
“I am not a fan of Bitcoin and other cryptocurrencies, which are not money and whose value is highly volatile and based on nothing. Unregulated crypto assets may facilitate illegal behavior, including drug trafficking and other illegal activities….”
The transformation in his approach to Bitcoin was evident in a series of statements released on his Truth social media platform following a meeting with Bitcoin miners at his Mar-a-Lago estate in Florida. trump declared, “The choice is clear. President Trump will protect your right to own Bitcoin, to mine Bitcoin, to transact with Bitcoin.” This change is particularly noteworthy when considering Trump’s previous stance against Bitcoin during his presidency, where he supposedly wanted to “go after Bitcoin for fraud.”
Trump’s newfound support for Bitcoin and cryptocurrencies goes beyond political rhetoric. His campaign became the first major presidential campaign to accept donations in cryptocurrencies, seen as an attempt to attract young and traditionally Democratic voters. Trump did it too promised to end what he describes as President Joe Biden’s “war on cryptocurrencies” if re-elected.
In contrast, the Biden administration has taken a particularly hostile stance toward the digital assets sector over the past four years. This included a veto of a repeal of the legislation that would have imposed it excessive charges on companies seeking to store cryptocurrencies and could stifle innovation and proposals to tax electricity used for Bitcoin extraction aimed at reducing emissions. However, there are indications of a potential shift in the Biden administration’s approach to cryptocurrencies. Recent relationships suggest that discussions are underway within the Biden campaign to accept cryptocurrency donations via Coinbase Commerce.
The Biden administration’s stance on cryptocurrencies appears to be evolving, as indicated by recent developments. This change can be attributed to several key advances, including the potential SEC approval of exchange traded funds (ETFs) spot ether and the passing of the Deploying American Blockchains Act of 2023. The SEC’s decision to approve spot ETH ETFs represents a significant turnaround for an asset class previously thought to be dead on arrival. Additionally, the recent passage of the Deploying American Blockchains Act of 2023 by House representatives marks a modest but important step toward promoting U.S. competitiveness in the blockchain industry.
If realized, Congressman Khanna’s upcoming roundtable could spell a pivotal moment for the U.S. cryptocurrency industry. The roundtable aims to create a collaborative environment to foster growth and innovation by bringing together policymakers and industry leaders. It would also mean that both Democrats and Republicans expected candidates to hold Bitcoin mining round tables and could pave the way for a more favorable regulatory landscape in the United States.