Several U.S. lawmakers see China’s authoritarian crackdown on cryptocurrencies, including Bitcoin, as “a perfect opportunity for American leadership in cryptocurrency.” One senator noted that this was “a reminder of our huge structural advantage over China.”
U.S. lawmakers have commented on China’s cryptocurrency crackdown
Following the latest news of China’s crackdown on cryptocurrencies, several U.S. lawmakers have shared their views on the situation.
Senator Pat Tommy from Pennsylvania says:
This is a great opportunity for the United States to crack down on China’s authoritarian crackdown on cryptocurrencies, including Bitcoin. It also reminds us of our huge structural advantage over China.
“Beijing is so hostile to economic freedom. They can’t even tolerate their people, arguably the most exciting innovation in decades in the economy, “he added.” Economic freedom leads to rapid growth, and ultimately, a higher standard of living for all. “
Cynthia Lumis, a pro-Bitcoin senator from Wyoming, who is trying to educate her colleagues in Congress that bitcoin is a valuable resource. Near the ‘sudden’ episode in the day. Continue education in the mountains. Spreading. ”
Congressman Tom Emmer from Minnesota commented: “Digital. Authoritarianism. China is moving its citizens away from decentralized currencies and digital yuan so that the CCP can track all money movements. Are you afraid of the big brother? Then you should also fear what the Fed is. Federal Reserve Chairman Jerome Powell recently said the Fed would soon release a paper discussing a central bank’s digital currency (CBDC).
Open. Without permission. Private. If China bans it, you know there’s something to fight for.
Warren Davidson, a U.S. envoy from Ohio, described: “There is an incredible opportunity to protect America’s personal digital wallets, to adopt truly distributed laser technology, and to strengthen our advantage over China’s authoritarian Communist Party.”
Miami Mayor Francis Suarez, who is trying to make his city a bitcoin hub, insisted: “Banning bitcoin is a big mistake China will make for generations to come. Their loss can and will lead to our gains and America providing bitcoin mining and a clean power house for those who are / are / building for bitcoin.
Congressman Patrick McHenry from North Carolina has agreed with the mayor of Miami. Mayor Francis Suarez is right, he insisted in response to the mayor’s tweet:
China’s decision to restrict access presents a perfect opportunity for American leadership in cryptocurrency.
Do you agree with these US lawmakers? Let us know in the comments section below.
Image credit: Shutterstock, Pixabay, WikiCommons
Denial: This article is for informational purposes only. It is not a direct offer or request for a purchase or sale offer, nor is it a recommendation or approval of a product, service or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The Company or the Author is not directly or indirectly responsible for any loss or damage caused by or in connection with the use or reliance on any content, product or service referred to in this article.