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.
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?”
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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.
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