Roundtable on Bitcoin and Blockchain in Washington DC
US Congressman Ro Khanna from California's 17th district will host a roundtable on Bitcoin and blockchain in Washington DC in early July. Described as a major gathering of lawmakers and innovation leaders, the meeting is expected to include officials from the Biden administration, members of the House and Senate, and businessman Mark Cuban. The goal of the meeting is to develop strategies to encourage innovation in Bitcoin and blockchain in the US.
Initiative in response to pro-Bitcoin actions by Donald Trump
This initiative follows recent pro-Bitcoin actions by former President Donald Trump. Trump has begun accepting Bitcoin Lightning payments (a method for fast and inexpensive transactions on the Bitcoin blockchain) for campaign donations and has promised to end what he calls "Joe Biden's war on crypto." He also hosted a roundtable meeting with Bitcoin miners (people who create new Bitcoins and verify transactions through complex calculations) at Mar-a-Lago and pledged support for Bitcoin mining both nationally and globally.
Biden administration’s stance on the Bitcoin and crypto industry
Over the past four years, the Biden administration has been notably hostile to the Bitcoin and crypto industry. President Biden recently vetoed a bill that would have allowed financial institutions to hold Bitcoin and other cryptocurrencies. The Justice Department arrested the founders of the Samourai wallet (a privacy-focused Bitcoin wallet) on money laundering charges. Biden has criticized crypto traders, comparing them to "wealthy tax evaders." His administration has promoted a central bank digital currency (CBDC, a digital form of central bank money) and proposed a 30% tax on the electricity used for Bitcoin mining.
Indication of possible change in Washington's attitude towards crypto
This roundtable meeting hints at a potential shift in Washington's attitude toward crypto and could indicate a more moderate attitude among Democrats, especially given Khanna's party affiliation. Additionally, the Biden administration is considering accepting crypto donations through Coinbase Commerce (a platform that enables cryptocurrency payments for merchants), similar to what Trump recently introduced.
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