Congressman pushes for US dominance in Bitcoin technology advancement
U.S. Congressman Patrick McHenry is a strong advocate for Bitcoin innovation and believes that the United States should take the lead in this area. Speaking at the recent Bitcoin Policy Summit in Washington D.C., McHenry described Bitcoin as a symbol of freedom and a technology that cannot be stopped, even by strict regimes like the Chinese communist party.
McHenry, who is known for his support of financial innovation, emphasized the need for his colleagues in Congress to have a deep understanding of Bitcoin in order to avoid making uninformed policy decisions. During a fireside chat, he highlighted the awkward moments when lawmakers ask about using Bitcoin for hidden transactions, not realizing that Bitcoin operates on a transparent ledger.
According to McHenry, trying to hide transactions in public is the most foolish way to obscure them. He pointed out that cash is actually the primary tool for illicit finance, largely due to misconceptions about Bitcoin’s transparency.
To address this issue, McHenry stressed the importance of educating policymakers about Bitcoin. He suggested that reading Satoshi Nakamoto’s Bitcoin white paper could help facilitate more informed discussions when creating legislation. The Congressman expressed concern about the misinformation that uninformed policymakers often fall into, leading to misguided laws.
In his call to action, McHenry urged the United States to seize the opportunity to become a leader in the Bitcoin revolution. He believes that the country should influence the future of finance and technology on a global scale, rather than falling behind.
McHenry concluded by stating that he is trying to convince policymakers on Capitol Hill to embrace Bitcoin and for the United States to take a leading role in this field.
