In a significant move for the crypto sector, U.S. Congressman Ro Khanna of California’s 17th congressional district is organizing a pivotal roundtable on Bitcoin and blockchain technology. Scheduled for early July in Washington D.C., this meeting is the most consequential gathering of policymakers and blockchain innovators according to a private email from Khanna’s office.
The roundtable will feature high-profile attendees, including officials from the Biden Administration, members of the House and Senate, and prominent businessman Mark Cuban. The primary objective of this gathering is to develop strategies to ensure that Bitcoin and blockchain technology continue to innovate and remain dominant within the United States.
This initiative is partly a response to former President Donald Trump’s recent endorsements of the Bitcoin industry. Trump has become the first president to accept Bitcoin Lightning payments for campaign donations and has promised to end what he describes as President Joe Biden’s “war on crypto” if re-elected this year.
Trump’s statements and actions highlight his commitment to the crypto industry. He recently held a roundtable with leading Bitcoin miners at Mar-a-Lago, pledging to support Bitcoin mining in Washington, D.C., and globally. Trump focuses on keeping Bitcoin innovation within the U.S., particularly in Florida.
Potential Shift in Crypto Policy Direction
The Biden Administration has taken a notably hostile stance towards the cryptocurrency sector for the past four years. This has included a veto of legislation that would have allowed regulated financial institutions to custody cryptocurrencies and proposals for a 30% tax on electricity used for Bitcoin mining, aimed at reducing emissions.
However, there are indications of a potential shift in the Biden Administration’s approach to cryptocurrencies. Recent reports suggest that discussions are underway within Biden’s campaign to accept crypto donations through Coinbase Commerce, a strategy already employed by Trump’s campaign. This marks a significant change in policy direction.
In May 2023, Biden likened crypto traders to “wealthy tax evaders” and recently released a critical economic report on Bitcoin and Proof of Work mining. The administration has also promoted Central Bank Digital Currency (CBDC) as an alternative to decentralized digital assets. Despite this, the upcoming roundtable signals a possible warming of sentiment among Democrats.
Congressman Khanna’s event could signify a pivotal moment for the U.S. crypto industry. The roundtable aims to create a collaborative environment to foster growth and innovation by bringing together policymakers and industry leaders. This initiative may pave the way for a more supportive regulatory landscape in the United States.
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