Politicians see America as a Crypto Leader following China Crackdown

  • September 28, 2021

Politicians see America as a Crypto Leader following China Crackdown

US politicians see America as a Crypto Leader following the China Crackdown

The Central Bank of China’s blanket ban on all crypto operations and trading, which took effect on September 24th, has been welcomed as a golden chance by American lawmakers. According to Bitcoin.com, they see it as an opportunity to cement American leadership in the cryptocurrency space in the wake of China totalitarian crackdown.

Several lawmakers rushed to Twitter to express their thoughts on the matter. Senator Pat Toomey of Pennsylvania stated that the crackdown on cryptocurrencies, such as Bitcoin, represents a significant opportunity for the United States and serves as a reminder of the United States’ structural advantages over China. He went on to call the recent move “hostile” and “regressive” to people’s economic liberty. Economic liberty, he said, is necessary for a higher standard of living and quick economic growth. Senator Cynthia Lummis of Wyoming, a pro-Bitcoin supporter, agreed with Toomey’s tweet, saying that cryptocurrency understanding should be extended far and wide.

In the wake of cryptocurrency’s expulsion from China, Warren Davidson, an Ohio politician, tweeted about America’s opportunity to embrace truly distributed ledger technology and protect personal digital wallets.

In another tweet, Miami Mayor Francis Suarez expressed his regret for the massive loss that the Chinese people will face as a result of the ban on virtual currencies. Suarez, like other senators, described the situation as a godsend for the United States. It may now take the lead in the crypto business by providing Bitcoin miners with renewable energy.

Tom Emmer, a congressman from Minnesota, slammed China for persuading its citizens to switch from decentralized money to the digital yuan. He put his faith in the Federal Reserve’s upcoming research report on the CBDC, which will prepare the US to compete with booming private cryptocurrencies.

Matt Hougan, Chief Investment Officer of Bitwise Asset Management, stated that the $2 trillion cryptocurrency market is impossible to ignore and that even well-known Wall Street banks are educating investors on the subject.

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