Joe Biden’s administration are set to attend a Bitcoin roundtable in DC
In a recent and unexpected development, members of U.S. President Joe Biden's team are scheduled to participate in a Bitcoin-focused discussion in Washington, D.C., this coming early July, as per a recent report.
The discussion is being orchestrated by Representative Ro Khanna (D-CA) and will feature attendance from officials within the Biden administration, members across both chambers of Congress, and billionaire entrepreneur Mark Cuban, as per information revealed to Bitcoin Magazine.
Only the participation of Rep. Khanna and Cuban has been explicitly confirmed through the report.
The goal of this gathering is to foster innovation within Bitcoin and the wider digital currency arena domestically.
It is important to highlight that Rep. Khanna is an advocate for the cryptocurrency sector, having backed the Financial Innovation and Technology for the 21st Century Act, also known as FIT21.
Recently, at an event titled Coinbase’s State of Crypto, Cuban expressed his views claiming that the chair of the Securities and Exchange Commission (SEC), Gary Gensler, poses a risk to the current President's tenure due to Gensler’s critical view on cryptocurrencies.
These developments are being met with optimism by those involved in the markets, given the Biden administration’s previously acknowledged skeptical stance towards digital currencies.
On the first of June, President Biden vetoed the Staff Accounting Bulletin (SAB) 121 bill, despite it having cross-party support from the House. The President argued that this bill would compromise the SEC’s regulatory authority and potentially harm investors and consumers. This legislation would have permitted financial bodies to handle Bitcoin along with other digital currencies.
Interestingly, this shift in attitude from the Biden administration emerges as the U.S. presidential elections draw closer, and shortly after the former U.S. president and leading Republican candidate, Donald Trump, openly declared his solid support for Bitcoin and its mining operations.
The stance on cryptocurrency could significantly impact the forthcoming U.S. presidential race, with current polls showing the candidates in a tight contest. Thus, support for cryptocurrency might give a candidate a competitive advantage.
