Benzinga - U.S. Congressman Ro Khanna (D-CA), representing California’s 17th congressional district, is organizing a Bitcoin (CRYPTO: BTC) and blockchain roundtable in Washington D.C. in early July.
What Happened: According to a private email from Khanna’s office, this meeting is poised to be “the most significant meeting between policymakers and innovation leaders in blockchain to date,” Bitcoin Magazine reported.
The roundtable will feature key officials from the Biden Administration, members of the House and Senate, and prominent American businessman Mark Cuban.
The main goal of this gathering is to devise strategies to “keep Bitcoin and blockchain innovation in the United States.”
Response to Trump’s Bitcoin Endorsement
This initiative is seen as a reaction to former President Donald Trump’s recent endorsements of the Bitcoin industry.
Trump has made headlines by becoming the first President to accept Bitcoin Lightning payments for campaign donations.
He has also pledged to “end Joe Biden‘s war on crypto” and ensure that the future of Bitcoin and crypto will be rooted in America.
Additionally, Trump recently hosted a roundtable at Mar-a-Lago with some of the nation's largest Bitcoin miners, promising to support Bitcoin mining both in Washington D.C. and globally.
Also Read: Spot Ethereum ETF Launch Date Possibly On July 2: Bloomberg Analyst
Biden Administration’s Crypto Stance
Over the past four years, the Biden Administration has taken a critical stance towards Bitcoin and the crypto industry.
On May 31, President Biden vetoed legislation that would have allowed highly regulated financial institutions to custody Bitcoin and cryptocurrencies.
Furthermore, the Department of Justice arrested the founders and CEO of Samourai Wallet, a popular Bitcoin mixing service, on money laundering charges in April this year.
In May 2023, Biden compared crypto traders to “wealthy tax evaders,” and in March, his administration released an economic report that was highly critical of Bitcoin and Proof of Work mining, while promoting a Central Bank Digital Currency (CBDC).
Additionally, the administration proposed a 30% tax on electricity used for Bitcoin mining, arguing it hinders the transition to a low-emission energy future.
Potential Shift In Washington’s Approach
This upcoming roundtable could signal a shift in Washington’s approach to the crypto industry, potentially indicating a warming of sentiment among Democrats, given Khanna’s party affiliation.
Earlier this week, reports suggested that the Biden Administration is in talks to accept crypto donations through Coinbase Inc. (NASDAQ:COIN) Commerce, following Trump’s lead who also started accepting donations via Coinbase.
As these developments unfold, industry stakeholders will be keenly observing the outcomes of the roundtable.
For those looking to gain deeper insights into the regulatory impacts and investment opportunities in the digital asset space, Benzinga’s Future of Digital Assets event on Nov. 19 will be a pivotal platform.
Read Next: Paul Ryan Urges America To Embrace Stablecoins To Maintain Dollar Dominance
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