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Rep. Ro Khanna Calls for U.S. Leadership on Bitcoin
US Congressman Ro Khanna stressed the importance of the bipartisan approach to cryptocurrency regulations. The congressman highlighted the country’s leading role in the financial sector and the need to maintain that leadership. This year, crypto enthusiasts have been pushing for industry-friendly regulations versus the Securities and Exchange Commission’s (SEC) bottleneck approach.
Ro Khanna Wants US to Become Bitcoin Leader
Speaking to Bitcoin Conference In 2024, Ro Khanna said he wants the United States to become the leader in Bitcoin, positioning the country to benefit from the asset’s appreciation. According to him, the United States should set the financial standard in the market, reiterating the view of cryptocurrency industry leaders.
Market commentators have called on US regulators to embrace Bitcoin to spur innovation rather than create a hostile environment that would see developers flee to other jurisdictions. Ro Khanna noted that the US is a financial leader, but without proper rules and innovation, the country would cede its leadership by highlighting the asset’s qualities.
“America should not rest on its laurels. We have the best financial system in the world and sometimes we don’t appreciate the importance of Bitcoin in other parts of the world… If we don’t have Bitcoin, if we don’t have cryptocurrencies, we’re going to cede leadership in 21st century financial innovation. Why would we do that?
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Lawmakers Become Pro-Regulatory
After years of calling for pro-Bitcoin regulation, American lawmakers There has been some progress on some cryptocurrency bills. Ro Khanna refers to FIT21 which creates some sort of industry-specific rules and attempts to overturn SAB 121 which makes it harder for institutions to hold cryptocurrencies. With the progress being made, market enthusiasts are suggesting clear rules for the future.
Additionally, Bitcoin will allow the United States to become more connected to the rest of the world, which is beginning to embrace 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 federal authorities 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 technology and cryptocurrencies. He is interested in emerging technologies and has an eye for breaking news. Staying abreast of trends, David has reported on several niches including regulation, partnerships, crypto assets, stocks, NFTs, and more. Outside of financial markets, David enjoys cycling and horse riding.