Many US lawmakers see China’s authoritarian crackdown on cryptocurrencies, including bitcoin, as “an ideal opportunity for US leadership in the crypto space.” One senator noted that it was “a reminder of our enormous structural advantage over China.”
US Lawmakers Comment on China’s Cryptocurrency Campaign
Following the latest news of China’s crackdown on cryptocurrency, several US lawmakers have shared their views on the situation.
Senator Pat Toomey of Pennsylvania said:
China’s authoritarian crackdown on cryptocurrencies, including bitcoin, is a huge opportunity for the United States, as well as a reminder of our huge structural advantage over China.
Beijing is very hostile to economic freedom. They cannot even afford their own people to participate in what is arguably the most exciting innovation in finance in decades.” “Economic freedom leads to faster growth and, ultimately, a higher standard of living for all.”
Pro-Bitcoin Senator from Wyoming, Cynthia Loomis, who was trying to educate her colleagues in Congress that bitcoin is a great store of value, coincided with this. Commenting on Tommy’s tweet, she wrote: “Gradually, then all of a sudden. Closer to the ‘suddenly’ stage of the day. Keep educating at Hill. It’s spreading.”
Congressman Tom Emer of Minnesota said: “Digital. Authoritarian. China is forcing its citizens to move away from the decentralized currency and use the digital yuan so that the CCP can track all the movements of money. Do you fear Big Brother? Then you should also fear what the Fed might design.” . Federal Reserve Chairman Jerome Powell recently said that the Fed will soon publish a discussion paper on Central Bank Digital Currency (CBDC). Emer further stated:
Open. Without prior authorization. Spread. If China banned it, you know it’s something worth fighting for.
US Representative Warren Davidson of Ohio described: “America has a fantastic opportunity to protect personal digital wallets, embrace true distributed ledger technology, and advance our advantage over the authoritarian Communist Party in China.”
Miami Mayor Francis Suarez, who is trying to make his city a hub for bitcoin, emphasized that “China’s ban on bitcoin is a huge mistake with implications that will be felt for generations. Their loss is our gain and America can lead the future and lead the future by providing a clean energy source for bitcoin miners and all who build on/with/for bitcoins.”
Congressman Patrick McHenry of North Carolina agreed with the mayor of Miami. “You are absolutely right, Mayor Francis Suarez,” the mayor responded to the mayor’s tweet, emphasizing:
China’s decision to restrict access presents an ideal opportunity for US leadership in the cryptocurrency space.
Do you agree with these American legislators? Let us know in the comments section below.
photo credits: Shutterstock, Pixabay, Wikicommons
disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
