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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 personal e-mail despatched by Khanna’s workplace and seen by Bitcoin Journal. Khanna’s workplace reportedly described the upcoming assembly as “probably the most vital assembly between policymakers and innovation leaders in blockchain to this point.”
Bitcoin Journal expects the assembly to function 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 how one can “maintain Bitcoin and blockchain innovation in america.” 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 turn out 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 the direction of cryptocurrencies, transferring 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 risky and primarily based on skinny air. Unregulated Crypto Property can facilitate illegal conduct, together with drug commerce and different criminal activity….”
The transformation in his strategy to Bitcoin was evident in a collection 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 evident. President Trump will shield your proper to personal Bitcoin, to mine Bitcoin, to transact with Bitcoin”. This shift is especially noteworthy given Trump’s previous 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 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 “battle on crypto” if re-elected.
In distinction, the Biden Administration has taken a notably hostile stance in the 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 firms trying to custody crypto and will stifle innovation and proposals for tax on electrical energy used for Bitcoin mining aimed toward lowering emissions. Nonetheless, there are indications of a possible shift within the Biden Administration’s strategy to cryptocurrencies. Current reports 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 latest developments. This shift might 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 big turnaround for an asset class that was beforehand assumed to be useless on arrival. Moreover, the latest passing of the Deploying American Blockchains Act of 2023 by Home representatives marks a modest however necessary step in the direction of selling the competitiveness of america 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 surroundings to foster development and innovation by bringing collectively policymakers and business leaders. It could 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 america.
