Khanna believes Bitcoin is not a partisan issue. He says that, due to the prospects of its future appreciation, the US government should keep seized Bitcoin as a strategic reserve asset, and not sell it into the market.

Most of the Bitcoins that were held by the United States had been seized from illicit activities, and the government generally sells such assets back into the market.

Rep. Ro Khanna will keynote a Bitcoin conference in Nashville headlined by the likes of Donald Trump and Vivek Ramaswami. One of only a handful of Democrats such as Jake Auchincloss, Richie Torres, and Darren Soto, in attendance, Khanna said the party needed to grapple with the issue.

Ro Khanna also plans to speak about the potential that’s inherent in Bitcoin. He said the blockchain on which it sits could enable cheaper and faster transactions, particularly international ones. He extended that it is critical for America to lead in this new asset class so it can set the terms of how it’ll work. Khanna continued that Bitcoin is easier to store than gold; the storage costs are lower, and it’s less vulnerable to foreign inflationary pressures. With him agree numerous experts who recently claimed Bitcoin will outperform gold.

Khanna added that he has actually been putting in work to change policy on the regulation of cryptocurrency. He co-sponsored a bill FIT 21 with Patrick McHenry in order to create better regulatory balance between the CFTC and SEC.

Because of this work, over 70 Democrats were gained in support. Khanna also voted to override President Biden’s veto on SaB 121, which would enable banks to hold cryptocurrency without counting them as liabilities.

He has also set up a roundtable with senior policy adviser Anita Dunn, Mark Cuban, and other tech leaders to talk up the benefits of decentralized systems like Bitcoin. He added that he is pressing for further dialogue with the Vice President’s office to place Democrats as decentralization and innovation champions.

Recently, during the Bitcoin Conference 2024, Ro Khanna said the US needs to be in a leading position with respect to Bitcoin, and in such a way that the country is poised to benefit from the rise in value of the asset. He went further to say that if others set the financial rules in the market, the United States will have no chance to win.

He called for the scrutiny of voting records on critical legislation such as FIT 21 and the attempted SAB 121 override for accountability based on their platforms.

Ro Khanna now hopes the Democratic Party distances itself from its hostile crypto policies of yesteryear. He contrasts the Republican stance, promising to end perceived Democratic overreach with respect to cryptocurrency and protect rights pertaining to Bitcoin mining and self-custody of digital assets from government overreach.

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?” 

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

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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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.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.