At Bitcoin Policy Summit Today in Washington DC, US Congressman Patrick McHenry (R-NC) highlighted the importance of the United States taking a leadership role in Bitcoin and not being left behind during a fireside chat with Club for Growth President David McIntosh.
JUSTIN: 🇺🇸 Congressman Patrick McHenry says the United States must be a leader in #Bitcoin 👏 pic.twitter.com/jC20GaurXe
– Bitcoin Magazine (@BitcoinMagazine) April 9, 2024
“This is where the action is, this is a bastion of freedom,” McHenry said when asked why he was speaking at the Bitcoin Policy Summit this morning. “The way I see Bitcoin is this: what Satoshi brought to this world has been unstoppable. Every regime that tried to shut it down has failed, even the Chinese Communist Party that tried to shut down Bitcoin didn't. pu. And so it's an unstoppable technology.
McHenry, known for his advocacy for financial innovation and technology, emphasized the need for his colleagues in office to educate themselves about Bitcoin, recognizing the challenges of regulating this technology with ill-informed policymakers.
“The stupidest way to try to hide your transactions is to do them in public,” McHenry explained. “And the level of embarrassment when senators and House members ask questions about this about how to hide these transactions. And when you have to explain to them that this is an open ledger in which people can see the movement of value, and they don't.” I don't understand that… Cash is still the king of illicit finance.
The congressman further pointed out how “it is much easier to have a conversation” with other politicians if they read Satoshi Nakamoto's Bitcoin white paper before meeting to legislate. McHenry said the lack of understanding of Bitcoin among policymakers has led them to fall into rabbit holes of misinformation. And this leads them to tell truths when they legislate, based on this information.
Overall, McHenry's message at the Bitcoin Policy Summit reflected a sense of urgency and opportunity, urging the United States to harness its potential as a leader in the Bitcoin revolution and chart a path toward a future dynamic and innovative in finance and technology.
“I'm trying to convince policymakers on the Hill to buy in and make sure the United States is a leader rather than falling behind. And I want to make sure you all hear that message clearly,” said Congressman McHenry.
For more information on the annual Bitcoin Policy Summit, including the full agenda and speaker list, visit the BPI website. here. The official Bitcoin Policy Summit live stream can be found at Youtube And X (Twitter).