During the recent Bitcoin Policy Summit in Washington D.C., U.S. Congressman Patrick McHenry (R-NC) made a compelling case for the United States to take the lead in Bitcoin innovation.
Describing Bitcoin as a symbol of freedom and an unstoppable force in technology, McHenry highlighted its resilience against even the most stringent regimes, such as the Chinese communist party, which have failed in their attempts to suppress its progress.
“This is where the action is, this is a bastion of freedom. Every regime that has tried to shut it down has failed,” he asserted.
As an advocate for financial innovation, McHenry emphasized the need for his colleagues in Congress to understand Bitcoin thoroughly to avoid the pitfalls of uninformed policymaking. He pointed out instances where lawmakers mistakenly believed Bitcoin transactions could obscure financial activities, not realizing that Bitcoin operates on a transparent ledger.
“The dumbest way to try to obscure your transactions are to do them in public,” he remarked, highlighting the misconception surrounding Bitcoin’s transparency compared to cash, which remains the primary tool in illicit finance.
McHenry stressed the importance of educating policymakers on Bitcoin, suggesting that reading Satoshi Nakamoto’s Bitcoin white paper could facilitate more informed legislative discussions. He expressed concern over the misinformation that uninformed policymakers often fall into, leading to misguided legislation.
In a call to action, McHenry urged the United States to seize the opportunity to lead in the Bitcoin revolution and shape the future of finance and technology globally.
“I’m trying to convince policymakers on the hill to embrace and for the United States to be leaders in, rather than fall behind,” he concluded.
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