Democrat Ro Khanna champions bitcoin’s bipartisan future

Bitcoin’s role in shaping the future of American politics was at the forefront of a recent conversation between The Wolf of All Streets podcast host Scott Melker and U.S. Rep. Ro Khanna (D-CA). Khanna, a Democrat who represents Silicon Valley, emphasized that bitcoin transcends political divides and has the potential to transform the global financial system. The discussion cast bitcoin as a tool for innovation and freedom, even amid current political challenges.

Scott Melker began the conversation by noting that some Democrats are surprisingly on board with his advocacy of bitcoin. Rep. Khanna, who has been a bitcoin advocate since his early days in Congress, highlighted the long-standing support of various Democratic figures, including Rep. Richie Torres (D-NY) and Rep. Darren Soto (D-FL). “We’ve been talking about being in favor of innovative economics, including bitcoin and crypto, since I’ve been in Congress,” he said.

Rep. Khanna has stepped up crypto education efforts within the Democratic ranks, including hosting a roundtable with Biden administration officials and industry leaders a few weeks ago. The event featured notables like Anthony Scaramucci and Mark Cuban, as well as representatives from major industry players like Andreessen Horowitz, Coinbase, and Ripple. “We wanted to get the attention of the administration, the Senate, and the House of Representatives,” Khanna explained of the rationale behind the initiative.

Khanna emphasized bitcoin’s importance in promoting faster, cheaper payments, and emphasized its value as a tool for financial freedom, particularly in authoritarian or inflationary regimes. “Why wouldn’t America want to pioneer something that’s used by millions of people around the world?” he asked. That sentiment was echoed in a roundtable discussion attended by a diverse group of tech leaders, which resulted in a constructive dialogue about the future of crypto regulation.

Rep. Khanna also touched on the active regulatory efforts in Congress, highlighting his support for Fit 21 (Financial Innovation and Technology for the 21st Century Act), a bill that aims to provide regulatory clarity for cryptocurrencies. He noted that a significant number of Democrats voted in favor of the bill, indicating a growing recognition of the need for regulatory certainty in the crypto space.

Rep. Khanna also addressed the controversial veto of SAB 121 (Staff Accounting Bulletin No. 121), which he described as a mistake. The rule prevented banks from providing custody for cryptocurrencies. Even SEC Commissioner Hester Peirce recently criticized the rule and the way it was used. Rep. Khanna argued that the administration’s stance on cryptocurrencies needs to change to better align with the evolving financial landscape.

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Addressing the perception of Bitcoin as a partisan issue, Rep. Khanna lamented the politicization of the technology. He attributed some of the division to political exploitation, particularly by figures like Donald Trump. But Khanna remained optimistic about the future, advocating for sensible, thoughtful regulation of stablecoins and a more prominent role for Bitcoin in the national treasury.