Khanna believes Bitcoin isn’t a partisan situation. He says that, as a result of prospects of its future appreciation, the US authorities ought to preserve seized Bitcoin as a strategic reserve asset, and never promote it into the market.
Many of the Bitcoins that had been held by america had been seized from illicit actions, and the federal government typically sells such property again into the market.
Rep. Ro Khanna will keynote a Bitcoin convention in Nashville headlined by the likes of Donald Trump and Vivek Ramaswami. One in every of solely a handful of Democrats equivalent to Jake Auchincloss, Richie Torres, and Darren Soto, in attendance, Khanna stated the party needed to grapple with the issue.
Ro Khanna additionally plans to discuss the potential that’s inherent in Bitcoin. He stated the blockchain on which it sits may allow cheaper and sooner transactions, significantly worldwide ones. He prolonged that it’s crucial for America to guide on this new asset class so it could set the phrases of the way it’ll work. Khanna continued that Bitcoin is less complicated to retailer than gold; the storage prices are decrease, and it’s much less weak to international inflationary pressures. With him agree quite a few consultants who lately claimed Bitcoin will outperform gold.
Advocating for Crypto Regulation and Decentralization
Khanna added that he has really been placing in work to alter coverage on the regulation of cryptocurrency. He co-sponsored a invoice FIT 21 with Patrick McHenry so as to create higher regulatory stability between the CFTC and SEC.
Due to this work, over 70 Democrats had been gained in help. Khanna additionally voted to override President Biden’s veto on SaB 121, which might allow banks to carry cryptocurrency with out counting them as liabilities.
He has additionally arrange a roundtable with senior coverage adviser Anita Dunn, Mark Cuban, and different tech leaders to speak up the advantages of decentralized methods like Bitcoin. He added that he’s urgent for additional dialogue with the Vice President’s workplace to put Democrats as decentralization and innovation champions.
Lately, throughout the Bitcoin Convention 2024, Ro Khanna stated the US needs to be in a leading position with respect to Bitcoin, and in such a approach that the nation is poised to learn from the rise in worth of the asset. He went additional to say that if others set the monetary guidelines available in the market, america may have no probability to win.
He known as for the scrutiny of voting data on crucial laws equivalent to FIT 21 and the tried SAB 121 override for accountability primarily based on their platforms.
Ro Khanna now hopes the Democratic Celebration distances itself from its hostile crypto insurance policies of yesteryear. He contrasts the Republican stance, promising to finish perceived Democratic overreach with respect to cryptocurrency and shield rights pertaining to Bitcoin mining and self-custody of digital property from authorities overreach.
Kamala Harris Seeks to Rebuild Business Ties
Only in the near past, Anthony Scaramucci, SkyBridge Capital founder, claimed that Democratic presidential candidate Kamala Harris is drawing up her campaign’s cryptocurrency policies.
In what many would take into account a shock if not a strategic, but contentious transfer, Vice President Kamala Harris is making an attempt to reset her relationship with the crypto industry.
In August, Ro Khanna held a key assembly in Washington, D.C., convening crypto leaders and political figures that included representatives from the Harris marketing campaign. This roundtable was emblematic of pro-crypto Democrats’ drive for a contemporary begin with the industry-be it one indicative of significant coverage course correction.