US Congressman Ro Khanna, representing California’s 17th congressional district, is set to host a Bitcoin and blockchain roundtable in early July in Washington, D.C. The meeting is described as the most significant between policymakers and innovation leaders in blockchain to date and is expected to include officials from the Biden Administration, House, and Senate, as well as American businessman Mark Cuban. The primary objective of the meeting is to strategize on how to keep Bitcoin and blockchain innovation in the United States in response to former President Donald Trump’s recent endorsements of the industry.
Former President Donald Trump has experienced a dramatic shift in stance towards cryptocurrencies, moving from a vocal critic to an ardent supporter. In 2019, Trump expressed his dislike for Bitcoin and other cryptocurrencies, calling them highly volatile and not real money. However, following a meeting with Bitcoin miners at his Mar-a-Lago estate in Florida, Trump declared his support for Bitcoin, stating that he would protect the right to own, mine, and transact with Bitcoin. This shift in stance is particularly significant given Trump’s previous negative comments about Bitcoin during his presidency.
Trump’s newfound support for Bitcoin extends beyond political rhetoric, as his campaign became the first major presidential campaign to accept donations in crypto. This move is seen as an attempt to attract young, traditionally Democratic voters. Additionally, Trump has pledged to end what he describes as President Joe Biden’s “war on crypto” if re-elected, indicating a commitment to supporting the industry.
In contrast, the Biden Administration has taken a hostile stance towards the digital assets sector for the past four years, including vetoing legislation that would have imposed burdens on companies looking to custody crypto. However, recent developments suggest a potential shift in the Biden Administration’s approach to cryptocurrencies, with discussions underway to accept crypto donations through Coinbase Commerce. This shift can be attributed to advancements such as potential SEC approval of spot ether ETFs and the passing of the Deploying American Blockchains Act of 2023.
If realized, Congressman Khanna’s upcoming roundtable could be a pivotal moment for the US crypto industry, creating a collaborative environment to foster growth and innovation by bringing together policymakers and industry leaders. The roundtable could pave the way for a more supportive regulatory landscape in the United States, with both Democrats and Republicans expected nominees having held Bitcoin mining roundtables. Overall, this meeting represents a significant step towards promoting the competitiveness of the United States in the blockchain industry.
