At the Bitcoin Policy Summit in Washington DC today, U.S. Congressman Patrick McHenry (R-NC) stressed the significance of the United States taking a management function in Bitcoin and not dragging in throughout a fireside chat with Club for Growth President David McIntosh.
SIMPLY IN: 🇺🇸 Congressman Patrick McHenry says the United States needs to be a leader in #Bitcoin 👏 pic.twitter.com/jC20GaurXe
— Bitcoin Magazine (@BitcoinMagazine) April 9, 2024
“This is where the action is, this is a bastion of freedom,” McHenry mentioned when asked why he was speaking at the Bitcoin Policy Summit today. “The way I view Bitcoin is — what Satoshi brought into this world has been unstoppable. Every regime that has tried to shut it down as failed, even the Chinese communist party that tried to shut down Bitcoin couldn’t. And so it is an unstoppable piece of technology.”
McHenry, understood for his advocacy of monetary development and innovation, stressed the requirement for his collogues in workplace to end up being informed on Bitcoin, acknowledging the difficulties of controling this innovation with uninformed policy makers.
“The dumbest way to try to obscure your transactions are to do them in public,” McHenry described. “And the level of embarrassment when senators and members of the house ask questions about this on how to obscure these transactions. And when you have to explain to them that this is an open ledger that people can see the movement of value, and they don’t understand that…Cash is still king in illicit finance.”
The congressman even more highlighted how “it is a much easier conversation” to have with fellow political leaders if they were to read the Bitcoin white paper by Satoshi Nakamoto before coming together to enact laws. McHenry stated that the absence of understanding of Bitcoin among policy makers has actually resulted in them decreasing bunny holes of false information. And that triggers them to speak in realities while legislating, based off of that details.
Overall, McHenry’s message at the Bitcoin Policy Summit showed a sense of seriousness and chance, prompting the United States to accept its possible as a leader in the Bitcoin transformation and chart a course for a vibrant and ingenious future in financing and innovation.
“I’m trying to convince policy makers on the hill to embrace and for the United States to be leaders in, rather than fall behind. And I want to make sure you all hear that message clearly,” Congressman McHenry stated.
For more details about the yearly Bitcoin Policy Summit, consisting of the complete program and list of speakers, see BPI’s site here. The authorities Bitcoin Policy Summit live stream can be discovered on YouTube and X (Twitter).
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