Khanna believes Bitcoin just isn’t a partisan difficulty. 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.
A lot of the Bitcoins that have been held by the USA 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 corresponding to Jake Auchincloss, Richie Torres, and Darren Soto, in attendance, Khanna mentioned the party needed to grapple with the issue.
Ro Khanna additionally plans to discuss the potential that’s inherent in Bitcoin. He mentioned the blockchain on which it sits may allow cheaper and quicker transactions, notably worldwide ones. He prolonged that it’s crucial for America to steer on this new asset class so it could actually 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 susceptible to overseas inflationary pressures. With him agree quite a few consultants who lately claimed Bitcoin will outperform gold.
Khanna added that he has truly been placing in work to vary coverage on the regulation of cryptocurrency. He co-sponsored a invoice FIT 21 with Patrick McHenry in an effort to create higher regulatory stability between the CFTC and SEC.
Due to this work, over 70 Democrats have 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 techniques 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.
Not too long ago, in the course of the Bitcoin Convention 2024, Ro Khanna mentioned the US must be in a number one place with respect to Bitcoin, and in such a means that the nation is poised to profit from the rise in worth of the asset. He went additional to say that if others set the monetary guidelines available in the market, the USA may have no probability to win.
He known as for the scrutiny of voting information on crucial laws corresponding to FIT 21 and the tried SAB 121 override for accountability based mostly 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.