Regulation
Bitcoin and cryptocurrencies on the front lines: Biden administration to participate in key roundtable in Washington
Antalya, Türkiye – May 21, 2021: Close up of Bitcoin cryptocurrency and alt coins
It is the administration led by US President Joe Biden and Congressman Ro Khanna expected participate in a panel discussion on Bitcoin and cryptocurrencies this July in Washington, DC, a significant move that signals the growing relevance of digital asset regulation and innovation.
Industry leaders, advocates and key policymakers will gather to discuss the future of digital assets in the United States at this high-profile event. In a statement, Khanna’s office called the planned meeting the most significant meeting to date between policymakers and innovation leaders in the blockchain field.
Cryptocurrency innovation must be kept in the United States
According to reports leaked by Bitcoin Magazine, the goal of the proposed discussion, which will be chaired by US Congressman Ro Khanna, is to talk about how to maintain blockchain innovation and Bitcoin at a national level. Given Khanna’s political affiliation, the upcoming roundtable indicates a shift in Washington’s stance toward the cryptocurrency industry and may also indicate weakening Democratic sentiment.
Officials from the Senate, House and Biden administration are expected to participate in the discussion, along with American business leaders Marco Cubano. Participants are expected to explore topics such as legal frameworks, the economic effects of cryptocurrency assets, and methods for promoting innovation while maintaining consumer protection.
With the involvement of the Biden administration, the federal government is demonstrating its recognition of the need for comprehensive and unambiguous cryptographic rules. This event comes in light of rapid technological developments and increasing volatility in the cryptocurrency market, making the debate on regulatory clarity and stability more important than ever.
The Biden administration’s involvement comes as a shock to the entire cryptocurrency community, given President Joe Biden’s stance toward digital assets over time. For the past four years, the administration has been antagonistic towards Bitcoin and the digital resource industry.
President Biden recently vetoed a bill aimed at repealing a controversial Securities and Exchange Commission bulletin that outlines accounting guidelines for companies that own cryptocurrencies. “My administration will not support measures that jeopardize the well-being of consumers and investors,” Biden said.
Additionally, the Biden administration has also proposed a 30% tax on electricity used Bitcoin miningaccording to which this will prevent the transition to low-emission energy sources.
Biden campaign considers digital asset donations
The high-profile meeting occurs a few days later relationships revealed that President Joe Biden’s campaign is in discussions with cryptocurrency industry players about accepting donations of digital assets through Coinbase Commerce.
One could see this initiative as a reaction to the former president of the United States Donald Trumpgiven that Trump was the first to initiate the idea, it has garnered considerable interest in the cryptocurrency industry.
According to anonymous sources, the discussion is the Biden administration’s latest attempt to investigate strategies to win over voters interested in cryptocurrencies ahead of the upcoming elections. As digital assets become a major issue in this year’s elections, it appears both candidates are fighting for support from a growing industry.
Featured image from iStock, chart from Tradingview.com