When Americans vote this fall for the next president, they will decide the future of cryptography in America, as well as our own security, freedom, and prosperity.
This week I’ll be joining President Trump in Nashville, Tennessee, for Bitcoin 2024 (the world’s largest Bitcoin Conference). In my own state, this conference takes place at an important time in crypto’s future in the U.S. The future of crypto technology in America will be decided this fall when our country elects the leaders of the executive and legislative branches. It is striking how different the Republican and Democrat approaches are to crypto. Biden administration repeatedly showed its antipathy to crypto, refusing to create a fundamental regulatory framework while taking action against firms for allegedly breaking nonexistent rules. The combination of legal insecurity and a slap on the wrist enforcement have pushed crypto innovators over the edge, forcing them to relocate their business overseas.
Democrats are also taking extreme measures in order to stop the use of cryptocurrency within the financial system. Biden’s regulators forced banks that were involved in crypto, such as Signature Bank, to go into receivership. They also imposed policies hostile towards crypto like SEC’s Staff Accounting Bulletin(SAB)121 which made it prohibitively difficult for financial institutions like Signature Bank to store customers’ crypto. Overall, Biden’s Administration record shows that another four years under Democrat political control could bring more political persecution to the industry.
Republicans on the contrary have made concrete moves to create constructive crypto-policies that reflect their longstanding commitments to principles such as innovation, individual freedom, and free enterprise. House Republicans have passed promising bills that would provide legislative clarity for crypto market structure and for U.S.-Dollar-denominated private stablecoins. Republicans from both chambers worked to reverse Biden’s worst policies, to address illicit finance concerns, to promote innovation by the private sector in stablecoins and to prevent a central-bank digital currency. The GOP’s control over Congress and the White House will allow them to implement and expand these efforts. They can finally deliver constructive crypto rules and end Biden’s oppressive enforcement regime.
It could have dire consequences if Republicans do not stop Democrats from trying stomping crypto in America. Even more innovators will be forced to move offshore if the hostility continues for four more years. Some of the most prominent U.S. Exchanges have started to open businesses abroad, seek licenses from foreign countries, and shut down their U.S. business. In recent years, lawmakers in Washington have realized how allowing another critical industry—semiconductors—to go offshore has weakened our nation’s competitive edge and geopolitical leverage. We would be foolish to allow crypto—this generation’s new cutting-edge technology—to follow the samCryptoe path. Republicans recognize that the importance of keeping innovations in-house is crucial to maintaining our global competitiveness, as well as creating jobs and wealth for Americans.
All too often, voters dismayed with Washington’s dysfunction feel that their vote—and national politics more broadly—does not matter. This is not the case. Elections are the only way to get back on course, no matter how frustrated we may be with the current status quo. The vote this year at the polling station could literally determine the fate of crypto. In November, Americans need to make sure their voices are heard by sending their representatives with the mandate of securing a crypto future in America.
Here is an article by Bill Hagerty. Opinions are solely theirs and may not reflect the views of BTC Inc.
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Source: bitcoinmagazine.com
