On July 30, 2024, discussions surrounding U.S. cryptocurrency policy have intensified. Attention is focused on the actions of Vice President Kamala Harris and the Democratic Party's stance on cryptocurrency.
Amidst the uncertainty regarding the direction of cryptocurrency regulation under the Biden administration, it has come to light that Vice President Harris has been holding meetings with industry stakeholders. While the Vice President has shown a certain level of understanding towards cryptocurrency, specific policy directions have yet to be clarified.
In this context, Democratic Representative Ro Khanna made a noteworthy statement. Khanna urged Vice President Harris to take a leading role in cryptocurrency regulation. He emphasized the importance of clarifying the division of roles between the SEC (Securities and Exchange Commission) and the CFTC (Commodity Futures Trading Commission) and establishing appropriate regulations.
Representative Khanna is advocating for Vice President Harris to support the "FIT21" bill, which aims to clarify the regulatory framework for cryptocurrencies. On the other hand, he criticized the "SAB121" bill, which mandates financial institutions holding cryptocurrencies to record this information on their balance sheets, calling it "discriminatory and excessive" and arguing for its repeal.
Particularly noteworthy was Representative Khanna's positive stance on cryptocurrency. He stated, "Opposing Bitcoin is like opposing cell phones or AI," arguing that cryptocurrencies should be viewed as a form of technology. He stressed the necessity for thoughtful regulation of technology.
This statement provides a new perspective on the political debate surrounding cryptocurrency. Traditionally, Republican legislators have tended to take a more proactive stance towards cryptocurrency, but Khanna's statement suggests a growing understanding of cryptocurrency within the Democratic Party as well.
His comments emphasize the bipartisan need for understanding and appropriate regulation of cryptocurrency. Currently, Republican legislators are more prominent at cryptocurrency-related events, while Democratic participation is less frequent. Representative Khanna's stance could potentially change this dynamic.
Moving forward, it will be important to watch how Vice President Harris and the Democratic Party articulate their stance on cryptocurrency regulation. Finding a direction that establishes a suitable regulatory framework without stifling innovation will be key to U.S. cryptocurrency policy. This issue is likely to evolve into a broader debate on balancing technological development and regulation, beyond just financial policy.
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