The current US administration is increasingly interested in cryptocurrencies and blockchain technology.
Several officials from the current administration of the country are preparing to attend a roundtable organized by Congressman Ro Khanna, from the state of California, to discuss the innovation of these disruptive technologies. The meeting, which will be held in the city of Washington DC, will feature the presence of several prominent players in the crypto industry, such as Mark Cuban, and is considered one of the most important to be held so far between political leaders and technological leaders of the blockchain industry.
The organization of this meeting was confirmed via an email seen by Bitcoin Magazine recently.
United States: From Critical to Crypto-Friendly?
Although the current US administration has maintained a rather hostile policy towards cryptocurrencies over the past 4 years, it now seems to be interested in understanding this innovation, transforming its approach and adopting a more diplomatic tone with cryptoassets and their participants.
According to reports, the country’s officials have been meeting with several major players and projects in the crypto industry. Aptos Labs co-founder Mo Shaikh was even appointed to the CFTC’s Digital Assets Subcommittee. All of this is happening as cryptocurrencies gain greater political relevance in the market and a new electoral dispute for the country’s presidency looms.
President and re-election candidate Joe Biden is reportedly discussing accepting cryptocurrency donations for his campaign, while former president and candidate Donald Trump is already accepting Bitcoin donations via the Lightning Network.
Despite efforts to understand the innovation of cryptocurrencies and blockchain technology, President Biden recently vetoed a bill that would repeal SEC Regulation SAB 121. The latter prevents commercial banks from forging a closer relationship with the crypto industry by providing cryptocurrency and digital asset custody services to their clients. On the other hand, Trump assured that he now appreciates the value and utility of cryptocurrencies, which is why he is promising to accelerate Bitcoin and crypto asset innovation, ending the country's war with these digital assets, encouraging crypto mining, and creating new regulatory standards that do not undermine development and growth.
Importance of cryptocurrencies in the political landscape
Grayscale Investments published a report at the end of May, highlighting the political importance that cryptocurrencies have gained today.
According to the company, which manages investments in digital assets, almost three-quarters of voters in the United States believe that politicians leading the country should be more receptive to crypto assets and blockchain technology innovation.
The financial company also stressed that almost half of this population expects to invest in cryptocurrencies in the future and plans to do so through regulated investment vehicles. This highlights the importance for the United States to establish a clear and solid legal framework that can govern the cryptocurrency industry and ensure the expansion of this innovation in a healthy and safe manner.
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