Over the past few months and years, Bitcoin, the world’s largest cryptocurrency, has managed to turn many lawmakers and politicians in its favor. This has been the case in the United States too, something that is somewhat surprising since a lot of people have decried the lack of regulatory clarity in the country. Even so, a Californian Congressman is the latest to give his two cents on the popular digital asset.
According to California Rep. Ro Khanna, Bitcoin, “like digital gold, cannot be devalued.” Khanna, a representative of Silicon Valley in the past, has been speaking about Bitcoin for quite some time now, with the Congressmen recognizing the digital asset as an important leg of emerging tech.
That being said, Khanna has also been outspoken about the environmental impact of Bitcoin mining, with the Democrat urging crypto-proponents to find means to regulate the carbon footprint.
In a recent tweet, Khanna noted,
“Bitcoin like digital gold cannot be devalued & it’s decentralization promotes transnational exchange & provides a check against economic mismanagement. Lets nurture it but protect consumers, prevent abuse, & invest in less carbon intensive mining. That should happen in America.”
As a sitting Congressman, Khanna’s support for crypto might help those who have been urging for clarity in regulations from lawmakers and agencies alike.
Khanna’s statements also highlight the two camps among lawmakers. While one of them is supportive of the tech and wants crypto to work out, the other includes lawmakers who are busy flagging crypto’s alleged use in illicit activities to take its potential seriously. Treasury Secretary Janet Yellen, for instance, belongs to the latter, especially after she spoke about the “explosion of risk” associated with crypto a few weeks ago.
Yellen had said,
“I see the promise of these new technologies, but I also see the reality: Cryptocurrencies have been used to launder the profits of online drug traffickers; they’ve been a tool to finance terrorism.”
Concerning Bitcoin, Yellen recently also noted it to be an “extremely inefficient way of conducting transactions.”
Such concerns among lawmakers have not been able to help crypto-businesses or its users until now. However, with greater support from members of Congress, we can expect the crypto bill, whenever it is introduced, to have a fair chance in the public eye.