Regulation
Biden Admin to Join Bitcoin Strategy Talk Next Month: Report
U.S. Congressman Ro Khanna will be conducting a round table conference in Washington D. C next month.
From a private email obtained, the event is set to gather representatives of the Biden Administration, Congress, and the industry.
Bitcoin Strategy Talk Next Month
Some of the expected guests are members of the House of Representatives and the Senate.
The main goal of this assembly is to develop strategies that guarantee that Bitcoin and blockchain technologies remain innovative and dominant in the United States.
Khanna’s office has characterized this roundtable as a critical platform for policy makers and visionaries in the blockchain space, making it one of the most important such gatherings to date.
Donald Trump’s Roundtable
The proposed roundtable seems to be a clear reaction to the recent actions of the ex-President of the United States, Donald Trump, who has already supported the Bitcoin market. Some of the engagements are, accepting Bitcoin Lightning payments for contributions towards his campaigns, a first for every former president.
In addition, he has pledged to reverse what he describes as “Joe Biden’s war on crypto” and champion the idea that the future of Bitcoin and crypto belongs in America.
This involvement by Trump has been in the recent past when he held a round table meeting with major US Bitcoin miners at Mar-a-Lago demonstrating his endorsement of the sector. These developments come as the Biden admin has been tightening its relationship with the crypto sector and faces a number of regulatory and legal actions against the industry.
Shift in Biden Admin’s Crypto Strategy
Given the past hostility towards cryptocurrencies, as evidenced by President Biden’s veto of a bill enabling financial institutions to provide crypto custody services and the arrest of major players in the crypto mixing space, there is a shift in this policy. For instance, it has been revealed that discussions are being held within Biden admin’s campaign to accept crypto donations through Coinbase Commerce similar to the strategies employed by Trump’s campaign.
Furthermore, the involvement of key personalities like Mark Cuban who has recently slammed SEC chairman Gary Gensler for his approach to regulating cryptocurrencies suggests a paradigm shift. Cuban added that this approach of Gensler may harm Biden’s chances in the next presidential election, especially among the millennial and Gen Z voters who are more familiar with cryptocurrencies.
This roundtable might prove a tactical shift in the Democratic’s stance on blockchain and cryptocurrency, to ensure that the progressive steps made in the industry are not hindered by the legal actions that are being taken.
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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.
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