The administration of US President Joe Biden and Congressman Ro Khanna is foreseen participating in a roundtable discussion on Bitcoin and cryptocurrencies in July in Washington, DC, an important initiative signaling the growing importance of regulation and innovation of digital assets.
Industry leaders, advocates and key policymakers will come together to discuss the future of digital assets in the United States at this high-profile event. In a statement, Khanna’s office called the planned gathering the most important meeting to date between policymakers and innovation leaders in the blockchain space.
Cryptocurrency Innovation Should Be Kept in the United States
According to reports leaked by Bitcoin Magazine, the aim of the proposed discussion, which will be chaired by US Congressman Ro Khanna, is to discuss how to keep blockchain innovation and Bitcoin on a national level. Given Khanna’s political affiliation, the impending roundtable indicates a shift in Washington’s stance toward the cryptocurrency sector and could also indicate a softening of Democratic sentiment.
Officials from the Senate, the House of Representatives and the Biden administration are expected to participate in the discussion, alongside an American businessman. Marc Cuban. Participants are expected to explore topics such as legal frameworks, the economic effects of cryptocurrency assets, and methods to promote innovation while maintaining consumer protections.
With the involvement of the Biden administration, the federal government is demonstrating that it recognizes the need for comprehensive and unambiguous crypto rules. This event comes in light of rapid technological developments and increased volatility in the crypto market, making the debate over regulatory clarity and stability more important than ever.
The Biden administration’s involvement comes as a shock to the entire cryptocurrency community, considering President Joe Biden’s stance against digital assets over time. Over the past four years, the administration has been hostile to Bitcoin and digital asset industry.
President Biden recently vetoed a bill to repeal a controversial Securities and Exchange Commission bulletin outlining accounting guidelines for companies that own cryptocurrencies. “My administration will not support measures that jeopardize the well-being of consumers and investors,” Biden said.
Additionally, the Biden administration has also proposed a 30% tax on electricity used for Bitcoin miningwhich claims this will hinder the shift to low-emission energy sources.
Biden campaign considers digital asset donations
The high-profile meeting takes place a few days later reports revealed that President Joe Biden’s campaign is in discussions with cryptocurrency industry players about accepting digital asset donations through Coinbase Commerce.
We could see this initiative as a reaction to the former American president Donald Trumpgiven that Trump was the first to float the idea, which garnered considerable interest from the crypto space.
According to anonymous sources, the discussion is the latest attempt by the Biden administration to investigate strategies to win over voters interested in crypto ahead of the upcoming election. With digital assets becoming a major topic in this year’s elections, it appears both candidates are fighting for the support of a growing industry.
Featured image from iStock, chart from Tradingview.com
