House Republican Leader Urges Govt. to ‘Better Start Understanding’ Bitcoin
“I do not want America to fall behind. I want the next century to be ours,” said Congressman Kevin McCarthy. A former CIA acting director also came in support, saying, “most illicit activity still takes place in the traditional banking system and not cryptocurrency.”
House Minority Leader Kevin McCarthy says regulators can’t ignore Bitcoin anymore. The day the price of Bitcoin surges as high as $63,775 on Coinbase, the Congressman appeared on CNBC to talk about the largest cryptocurrency. McCarthy said,
“Those who regulate, those who are in government that make policy better start understanding what it means for the future because other countries are moving forward, especially China.”
“I do not want America to fall behind. I want the next century to be ours.”
Recently, venture capitalist Peter Thiel also talked in the same regard when he said,
“I do wonder whether bitcoin should be thought of as a Chinese financial weapon against the U.S. It threatens fiat money, but it especially threatens the U.S. dollar.”
Commenting on Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell calling Bitcoin “speculative” and taking a cautious approach to it, the California Republican said regulators tried to ignore crypto and make it go away, but they can’t anymore now that it has grown so much.
Back in 2019, he had said that he liked the decentralized nature of BTC and had also previously advised the government to research how blockchain can improve their tasks.
This week, a former acting director of the Central Intelligence Agency, Michael Morell, also came in support of crypto through his paper “An Analysis of Bitcoin’s Use in Illicit Finance.”
Here, Morell says that Bitcoin isn’t rife with illicit activity, in fact, “most illicit activity still takes place in the traditional banking system,” and that blockchain analysis is actually highly effective in fighting these threats.
Morell said alarmist statements and articles about the threat Bitcoin pose that are circulating are to make headlines and because it is a new technology that is complicated to comprehend, which typically makes people fearful as such, he urges for “more fact-based discussion” on the issue. He wrote on Twitter,
“I hope this study will help advance a transparent and fact-based dialogue between innovators and policymakers to help ensure that we maintain national security without hindering the adoption of potentially revolutionary technologies.”