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Ro Khanna Wants the US to Become Bitcoin Leaders

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Jul 28, 2024 am 03:30 AM

US Bitcoin Leadership

Speaking at Bitcoin Conference 2024, Ro Khanna states that he wants the United States to become leaders in Bitcoin positioning the country

Ro Khanna Wants the US to Become Bitcoin Leaders

US Representative Ro Khanna has highlighted the growing bipartisan support for pro-crypto regulations. Speaking at Bitcoin Conference 2024, Khanna emphasized the need for the US to maintain its leadership in finance by embracing Bitcoin.

According to Khanna, if the US fails to adopt Bitcoin and other cryptocurrencies, it will cede leadership in the 21st-century financial innovation. He highlighted the importance of these assets in other parts of the world and the need to capitalize on their potential.

This year, crypto enthusiasts have pushed for pro-industry regulations amid the Securities and Exchange Commission's (SEC) bottleneck approach to the matter. Despite being largely supportive of cryptocurrencies, the SEC has faced criticism for its slow pace in approving spot exchange-traded funds (ETFs) and engaging in a "regulation by enforcement" approach.

Recently, the SEC has come under fire for its lawsuit against Paxos over the Binance USD (BUSD) stablecoin, which several lawmakers have viewed as an overreach. While the SEC maintains that BUSD is a security, Binance and Paxos have asserted that it is not.

In response to the SEC's actions, several members of Congress have proposed legislation to limit the agency's authority over digital assets and define the parameters of cryptocurrencies under US law.

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