Biden Administration Officials to Participate in Bitcoin Roundtable in Washington D.C., According to Confidential Report

Ro Khanna, U.S. Congressman, to Host Bitcoin and Blockchain Roundtable

Ro Khanna, the U.S. Congressman for California's 17th congressional district, is planning to host a roundtable discussion on Bitcoin and blockchain in Washington D.C. in early July. This information was revealed through a confidential email from Khanna's Office, which was obtained by Bitcoin Magazine.

Significant Meeting Between Policymakers and Blockchain Innovators

According to a report by Nik Hoffman of Bitcoin Magazine, Khanna's Office has described the forthcoming meeting as the most significant to date between policymakers and leaders in blockchain innovation. The roundtable is expected to include officials from the Biden Administration, the House, and the Senate, as well as American businessman Mark Cuban, as per the email. The main aim of the meeting is to devise strategies to maintain Bitcoin and blockchain innovation within the United States.

A Response to Trump's Endorsement of Bitcoin

This initiative is perceived as a reaction to former President Donald Trump's recent endorsements of the Bitcoin industry. Trump recently became the first President to accept Bitcoin Lightning payments for campaign donations. He has also pledged to "end Joe Biden's war on crypto" and ensure that the future of Bitcoin and crypto will be made in America. Earlier this week, Trump hosted a roundtable at Mar-a-Lago with some of the nation’s largest Bitcoin miners, and committed to support Bitcoin mining both in Washington D.C. and on the global stage.

Biden Administration's Hostile Stance Towards Bitcoin and Crypto

Over the past four years, the Biden Administration has displayed an antagonistic attitude towards the Bitcoin and crypto industry. On May 31, President Biden vetoed legislation that would have permitted heavily regulated financial institutions to custody Bitcoin and cryptocurrencies. The Department of Justice (DOJ) also arrested the founders and CEO of the Samourai wallet, a popular Bitcoin mixing service, on charges of money laundering in April of this year. In May 2023, Biden likened crypto traders to "wealthy tax evaders" and in March, his administration published an economic report that was highly critical of Bitcoin and Proof of Work mining while promoting a Central Bank Digital Currency (CBDC). The Biden Administration also proposed a 30% tax on electricity used for Bitcoin mining, arguing that it hinders the transition to a low-emission energy future.

Change in Washington's Approach to Crypto?

The upcoming roundtable could indicate a change in Washington's stance towards the crypto industry, and might represent a softening of sentiment among democrats, considering Khanna's party affiliation. Earlier this week, it was reported that the Biden Administration is in discussions to accept crypto donations through Coinbase Commerce, following Trump who also started accepting donations through Coinbase as well.

What are your thoughts on this development? Do you think this roundtable will lead to a more favorable approach towards the crypto industry by the Biden Administration? Share your thoughts and this article with your friends. Don't forget to sign up for the Daily Briefing, which is delivered every day at 6pm.