Rep Ro Khanna Advocates for US Bitcoin Leadership

David Pokima
July 27, 2024
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Highlights

  • Rep Ro Khanna says the United States should become leaders in Bitcoin.
  • This will drive innovation and maintain its lead in the financial market.
  • The lawmaker also pointed to increased bipartisan cooperation.

US lawmaker Rep Ro Khanna has stressed on the increased bipartisan approach towards pro-crypto regulations. The Congressman pointed to the country’s leading role in finance and a need to maintain the leadership. This year, crypto enthusiasts have pushed for pro-industry regulations against the Securities and Exchange Commission (SEC) bottleneck approach.

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Ro Khanna Wants the US to Become Bitcoin Leaders 

Speaking at Bitcoin Conference 2024, Ro Khanna states that he wants the United States to become leaders in Bitcoin positioning the country to benefit from the asset’s appreciation. According to him, the US should set the financial standard on the market restating crypto executives’ views. 

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 U.S. are financial leaders but without proper rules and innovation, the country would cede leadership stressing the qualities of the asset. 

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’re going to cede leadership of the financial innovation of the 21st century. Why would we do that?” 

Also Read: Bitcoin Miner MicroBT Reveals Major Updates At BTC Conference

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Lawmakers Become Pro-Regulation

After years of clamoring for pro-Bitcoin regulations, US lawmakers have made progress on some crypto bills. Ro Khanna points to FIT21 which creates sort of industry rules and attempts to overturn SAB 121 which makes it harder for institutions to hold crypto. With progress recorded, market enthusiasts suggest clear rules for the future. 

Furthermore, Bitcoin will make the US more connected to the rest of the world which is beginning to adopt the asset. This global connection is a message Democrats advocate in their policies. The issue of monopoly power in the financial sector was criticized with Khanna noting he doesn’t want a monopoly of the Feds and the banks deciding how to have instantaneous payments. 

Also Read: ETHFI to Migrate Funds to Separate Multi-Sig Wallets, What’s Happening?

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.