Regulation
Congressman Ro Khanna Backs Bitcoin Leadership in the US
US lawmaker Rep. Ro Khanna highlighted the growing bipartisan approach to pro-crypto regulations. The congressman emphasized the country’s leading role in finance and the need to maintain leadership. This year, crypto enthusiasts have pushed for pro-industry regulations against the Securities and Exchange Commission’s (SEC) bottleneck approach.
Ro Khanna Wants US to Become Bitcoin Leader
Speaking to Bitcoin Conference 2024, Ro Khanna says he wants the US to be a leader in Bitcoin, positioning the country to benefit from the asset’s appreciation. He says the US should set the financial standard in the market, echoing the views of cryptocurrency executives.
Market commentators have called on US regulators to embrace Bitcoin to drive innovation rather than create a hostile environment that will see developers leave for other jurisdictions. Ro Khanna noted that the US is a financial leader but without adequate regulation and innovation, the country would cede leadership, highlighting the asset’s qualities.
“America shouldn’t rest on its laurels. We have the best financial system in the world, and so sometimes we don’t appreciate how important Bitcoin is in other parts of the world… if we don’t have Bitcoin, if we don’t have cryptocurrencies, we will cede leadership of 21st century financial innovation. Why should we do that?”
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Lawmakers Go Pro-Regulation
After years of calls for pro-Bitcoin regulations, US legislators have made progress on some crypto bills. Ro Khanna points to FIT21 creating some sort of industry rules and attempting to overturn SAB 121 which makes it harder for institutions to hold crypto. With the progress made, market enthusiasts are suggesting clear rules for the future.
Additionally, Bitcoin will make the US more connected to the rest of the world that is starting to adopt the asset. This global connection is a message that Democrats are pushing in their policies. The issue of monopoly power in the financial sector has been criticized with Khanna noting that he does not want a monopoly of the Fed and banks deciding how to have instant payments.
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David is a financial news contributor with 4 years of experience in Blockchain and cryptocurrency. He is interested in learning about emerging technologies and has an eye for breaking news. Keeping up to date with trends, David has written in several niches including regulation, partnerships, cryptocurrency, stocks, NFTs, etc. Away from the financial markets, David enjoys cycling and horseback riding.