China holds an alarming amount of power over Bitcoin miners in the United States. Congress should act to scale back the country's influence.
Cryptocurrencies are rapidly becoming a critical piece of the United States economy and financial system. The value of Bitcoin
$67,714
has surged thanks to exchange-traded funds (ETFs) bringing access to a huge swath of new consumers. This is generally good news.
However, the rise of Bitcoin also brings with it the need for increased regulatory guardrails, similar to other emerging areas of tech, such as AI. In a globally connected world, where national security interests are thrust into the forefront with each new disruptive technology, risks around critical network and infrastructure vulnerabilities require urgent attention.
The threat of China continues to emerge at the center of these discussions. The U.S. has answered perceived technology threats — from companies like Huawei, TikTok, and Chinese EV manufacturers — with decisive actions. The risk within cryptocurrencies is even more alarming because Bitcoin miners represent a potential silent, sentient hardware layer integrated directly into U.S. energy and telecom infrastructure.
