US Lawmakers See China’s Authoritarian Crackdown on Crypto as Big Opportunity

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Several U.S. lawmakers see China’s authoritarian crackdown on
cryptocurrency, including bitcoin, as “a perfect opportunity for American
leadership on cryptocurrency.” One senator noted that it is “a reminder of our
huge structural advantage over China.”

US Lawmakers Comment on China’s Cryptocurrency Crackdown

Following the latest news of China’s
crackdown on
cryptocurrency, several U.S. lawmakers have shared their views on the
situation.
Senator Pat Toomey from Pennsylvania said:

China’s authoritarian crackdown on crypto, including bitcoin, is a big
opportunity for the U.S. It’s also a reminder of our huge structural
advantage over China.
“Beijing is so hostile to economic freedom. They cannot even tolerate their
people participating in what is arguably the most exciting innovation in
finance in decades,” he added. “Economic liberty leads to faster growth, and
ultimately, a higher standard of living for all.”
The pro-bitcoin senator from Wyoming, Cynthia Lummis, who has been trying to
educate her colleagues in
Congress that bitcoin is a great store of value, chimed in.
Commenting on Toomey’s tweet, she wrote: “Gradually, then suddenly. Closer to
the ‘suddenly’ phase by the day. Keep up the education on the Hill. It’s
spreading.”
Congressman Tom Emmer from Minnesota opined: “Digital. Authoritarianism. China
is forcing its citizens away from decentralized currency and onto the digital
yuan so the CCP can track all money movements. You fear Big Brother? Then you
should also fear what the Fed might be designing.” Federal Reserve Chairman
Jerome Powell recently said that the Fed will soon publish a discussion
paper on a central bank digital currency
(CBDC). Emmer further stated:
Open. Permissionless. Private. If China bans it, you know it’s something
worth fighting for.
U.S. Representative Warren Davidson from Ohio described: “America has an
incredible opportunity to protect personal digital wallets, embrace true
distributed ledger technology, and strengthen our advantage over China’s
authoritarian Communist Party.”
Miami Mayor Francis Suarez, who is trying to make his city a bitcoin
hub, stressed: “China banning bitcoin is a massive
mistake with impacts that will be felt for generations. Their loss is our gain
and America can and will lead the future by providing a clean power home for
bitcoin miners and all who are building on/with/for bitcoin.”
Congressman Patrick McHenry from North Carolina concurred with the mayor of
Miami. “You’re exactly right Mayor Francis Suarez,” he replied to the mayor’s
tweet, emphasizing:
China’s decision to restrict access presents a perfect opportunity for
American leadership on cryptocurrency.
_ Do you agree with these U.S. lawmakers? Let us know in the comments
section below._

source https://news.bitcoin.com/us-lawmakers-chinas-authoritarian-crackdown-on-crypto-big-opportunity/

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