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Democratic Representative Ro Khanna stated that the US government should maintain seized Bitcoin as an reserve investment asset. Rep. Ro Khanna is also in favour of retaining seized Bitcoin as an innovation and strategic reserve currency asset. Khanna is trying to make cryptocurrency part of the Democratic Party. Khanna stressed on how the US needs to lead on Bitcoin to capture the upside in its appreciation.
Loosely on the same idea, Democratic Representative Ro Khanna in an episode of the Unchained Podcast said that the US government should retain seized Bitcoin as a strategic reserve. There is a strange bipolarity in approving Bitcoin for a strategic reserve today. He said that he would support the participation of Bitcoin as part of the Federal Reserve’s reserves due to their potential to appreciate and help the United States continue to command the foreign exchange market.
Rep. Ro Khanna: US to Keep Seized Bitcoin as Reserve
According to Khanna, Bitcoin is not a political matter. However, he states that given its possibility to rise in the future, the US government should retain seized Bitcoin as a strategic reserve instead of dumping it into the market.
Bitcoin which was primarily used in the United States had most of them seized for unlawful activities and in general, the government tends to resale most of the captured assets back into the market.
Democrat lawmaker Ro Khanna will deliver the opening address of a Bitcoin conference in Nashville that will feature Donald Trump and Vivek Ramaswami on its bill. Fellow Democrats were scarce with only Jake Auchincloss, Richie Torres, and Darren Soto among the participants, Khanna said the party needed to address the matter.
They also want to hear from Ro Khanna when it comes to the organic future of Bitcoin. He noted the blockchain on which it sits has the potential to support cheaper and faster transactions including cross-border ones. He added that it is important for America to play a role in this new asset class so that it can define the conditions under which it will function. Khanna went on further adding that Bitcoin is easier to store than gold; storage costs form part of its benefits and it isn’t under the same threats of foreign inflation. Joining him in the statement are several analysts who just a few months ago said that Bitcoin would surpass the precious metal.
Advocating for Crypto Regulation and Decentralization
Khanna admitted that he has been working for a change in policy on the regulation of cryptocurrencies. He supported another bill called FIT 21 with Patrick McHenry to try and restore equal footing for the CFTC and SEC and their regulatory powers.
Because of this work, over 70 Democrats were taken in support With all this effort, over 70 democratics were added to the support. Khanna also supported votes to override President Biden’s veto on SaB 121, giving the green light to banks to accept cryptocurrency without regard to liabilities.
He also has a roundtable with policy adviser Anita Dunn, billionaire Mark Cuban, and other tech mentors to push for more decentralized networks like Bitcoin. He also noted that he is pushing more talks with the office of the Vice President to put Democrats as decentralization and innovation advocates.
In the Bitcoin Conference 2024, Ro Khanna mentioned that the United States has to be in the right place regarding Bitcoin, meaning that the country has to be ready to act as value growth takes place. He went further to say that if others define the financial rules in the market, America will stand no stand.
He demanded that the voting records on such issues as FIT 21 and the attempted SAB 121 override be investigated with reference to their campaign plans.
Ro Khanna now wants the Democratic Party to completely sever itself from its aggressive anti-crypto stance of the past. He pits the Republican position, which has vowed to rein in what GOP lawmakers and candidates perceive as overreach by Democrats on crypto with respect to rights related to the mining and possession of Bitcoin and other digital assets.
Kamala Harris Seeks to Rebuild Industry Ties
Not long ago, SkyBridge Capital founder Anthony Scaramucci said that Democratic presidential candidate Kamala Harris is preparing her campaign’s cryptocurrency policies.
I would characterize Kamala Harris’s expectations regarding the crypto industry reception as a shock if not a strategic but rather hostile, attempt at renegotiating the terms of engaging with crypto players.
There is something unique about the crypto community to have such a massive, influential meeting in August of this year conducted by Ro Khanna in Washington D.C. in which many leading players from the crypto space as well as politicians from the Harris campaign. This roundtable was in line with pro-crypto Democrats lobbying for a new beginning with the industry – whether in an attempt at earnest policy adjustments.
