The impact of cryptocurrency policy on the 2024 presidential election

The impact of cryptocurrency policy is becoming an important factor in the 2024 presidential election. Notably, Biden administration officials plan to participate in a policy roundtable hosted by Rep. Ro Khanna, D-Calif. At the same time, former President Trump also expressed support for keeping cryptocurrency companies in the United States.

(Trump met with Bitcoin miners and promised to protect mining: He hopes that the remaining Bitcoins will be mined in the United States)

Former Speaker Paul Ryan joins debate

Paul Ryan, who served as Speaker of the House of Representatives during the administrations of Presidents Obama and Trump, also spoke out. Since his retirement in 2019, Paul Ryan has been involved in the cryptocurrency field and currently serves on the policy committee of Paradigm, a venture capital firm focusing on cryptocurrency. .

Call for stablecoin regulation to protect U.S. bonds

In an opinion piece for the Wall Street Journal, Paul Ryan urged lawmakers to develop a "robust, predictable regulatory framework for stablecoins" in the United States. He believes that the adoption of stablecoins can make U.S. bonds more attractive in international markets, thereby preventing bond auction failures, which could destabilize the market and damage the credibility of the United States.

The strategic advantages of stablecoins against China

Paul Ryan’s argument centers on the idea that as other countries like China strengthen their digital currencies, the United States must innovate to keep the dollar competitive. He noted that China’s digital yuan has already been incorporated into HSBC China’s banking services.

Paul Ryan stressed that the United States cannot ignore the advances of its international competitors. Countries such as China and Saudi Arabia are actively seeking alternative payment methods to the dollar system. By promoting stablecoins pegged to the U.S. dollar, the United States can maintain its financial influence.

Promote American values

Paul Ryan is careful to distinguish between China’s digital currencies and potential U.S. stablecoins. He emphasized that U.S. dollar-pegged stablecoins issued on public, permissionless blockchains are consistent with American values ​​of freedom and openness. However, he did not specify which stablecoins he believed should be promoted.

Bipartisanship promotes stablecoin framework

Paul Ryan concluded by calling on both parties in Congress to work together to establish a stable and predictable regulatory framework for stablecoins. He believes achieving this could provide a much-needed political victory in a contentious election year. “In an election year, given all the ugly politics that’s coming, we really need a victory,” said Paul Ryan, who highlighted the potential benefits of stablecoin regulation to the country’s financial stability and global standing.

This article The former Speaker of the U.S. House of Representatives calls for the inclusion of stablecoins in China’s strategy first appeared on Chain News ABMedia.