Rep. Ro Khanna advocates for the U.S. to retain seized Bitcoin as a strategic reserve asset to enhance financial leadership.
Khanna highlights Bitcoin's advantages over gold, citing lower storage costs and resistance to foreign inflation.
Khanna co-sponsored the FIT 21 bill to improve cryptocurrency regulations, gaining support from over 70 Democrats.
Ro Khanna, a Democratic Representative, has suggested that the US should keep confiscated Bitcoin as a strategic reserve. Khanna's stance shows a nonpartisan strategy, proposing that having Bitcoin could boost the Federal Reserve's assets and uphold its status as a top player in the worldwide financial sector.
https://twitter.com/BTC_Archive/status/1841585418636034555
Khanna pointed out that most of the U.S. government's Bitcoin holdings come from illegal activities. Usually, the authorities resell these assets in the market.
Nevertheless, Khanna suggests that retaining Bitcoin could lead to enduring advantages for the financial stability of the nation. Khanna believes that Bitcoin's potential for growth makes it a desirable asset for the U.S. reserves.
Advantages Over Gold
In addition, Khanna pointed out that Bitcoin holds several advantages over traditional assets like gold. For example, storing Bitcoin costs less and it is less affected by inflation in other countries.
He believes that it is important for the U.S. to take the lead in determining the future of digital currencies by establishing market regulations instead of copying other nations. Additionally, Bitcoin has the capability to enable more affordable and quicker cross-border transactions by utilizing its fundamental blockchain technology.
Khanna Push for Better Crypto Regulation
Moreover, Ro has been actively involved in efforts to reform cryptocurrency regulations. He co-sponsored the FIT 21 bill alongside Republican Patrick McHenry, aiming to create a more balanced regulatory framework for digital assets. The bill received support from over 70 Democrats, reflecting his ability to unite lawmakers across party lines on this issue.
Khanna’s advocacy goes beyond Bitcoin reserves. He is working on changing the Democratic Party’s approach to cryptocurrency, encouraging a more favorable stance toward decentralization and innovation. He also emphasizes the need for policies that support Bitcoin mining and protect digital assets from excessive government control.
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