In it bitcoin Policy Summit Today in Washington DC, US Congressman Patrick McHenry (R-NC) emphasized the importance of the United States taking a leadership role in bitcoin and not being left behind during a fireside chat with Club for Growth President David McIntosh.
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ONLY IN: Congressman Patrick McHenry says the United States must be a leader in twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin pic.twitter.com/jC20GaurXe
– bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1777703772694667444?ref_src=twsrc%5Etfw”>April 9, 2024
“This is where the action is, this is a bastion of freedom,” McHenry stated when asked why he was speaking at the bitcoin Policy Summit this morning. “The way I look at bitcoin is that what Satoshi brought to this world has been unstoppable. Every regime that has tried to shut it down has failed, even the Chinese Communist Party that tried to shut down bitcoin couldn't. And that's why it's an unstoppable piece of technology. “
McHenry, known for his advocacy of financial innovation and technology, emphasized the need for his colleagues in office to educate themselves about bitcoin, acknowledging the challenges of regulating this technology with uninformed policymakers.
“The dumbest way to try to hide your transactions is to do them in public,” McHenry explained. “And the level of embarrassment when senators and members of the House ask questions about how to hide these transactions. And when you have to explain to them that this is an open ledger in which people can see the movement of value, and not “I don't get it… Cash is still the king of illicit finance.”
The congressman further noted that “it is a much easier conversation” to have with other politicians if they read Satoshi Nakamoto's bitcoin white paper before meeting to legislate. McHenry said the lack of understanding of bitcoin among policymakers has led them to go down rabbit holes of misinformation. And that makes them speak the truth while they legislate, based on that information.
Overall, McHenry's message at the bitcoin Policy Summit reflected a sense of urgency and opportunity, urging the United States to realize its potential as a leader in the bitcoin revolution and chart a course toward a dynamic and innovative future in finance and technology.
“I'm trying to convince policymakers on the hill to come on board and make America a leader, rather than being left behind. And I want to make sure everyone hears that message clearly,” said Congressman McHenry.
For more information on the annual bitcoin Policy Summit, including the full agenda and speaker list, visit the BPI website. here. The official bitcoin Policy Summit livestream can be found at Youtube and x.com/BitcoinMagazine/status/1777668960219172947″>x (twitter).
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