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US Lawmaker Likes Bitcoin — Urges Policymakers to Embrace Innovation in Regulation – Regulation Bitcoin Information

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The US representative Patrick McHenry is Pro-Bitcoin. He’s now hosting the Bitcoin whitepaper on his official congressional website and has urged other lawmakers to embrace innovations like Bitcoin. He believes the cryptocurrency is unstoppable and governments cannot kill it.

Pro-Bitcoin US legislators

A growing number of US lawmakers recently spoke out in favor of Bitcoin. Among them is Congressman Patrick McHenry from the state of North Carolina. On Friday, he spoke in CNBC’s Squawk Box about how to deal with regulation after last week’s market volatility. “You can’t put technology back in the box. Innovation is there. We have to hug. We need to expand access to our markets, we need to expand access to our financial products, ”he said.

McHenry has long been a Bitcoin advocate. Last week, when self-proclaimed Satoshi Nakamoto’s attorney Craig Wright threatened to sue some website owners for hosting the open source whitepaper Bitcoin on their websites, McHenry uploaded the document to his official congressional website. Then he tweeted:

Policy makers should stand on the side of innovation and ingenuity, which are vital to American competitiveness. I hope others in the US government will join me. #Bitcoin

Another pro-Bitcoin US politician is the Mayor of Miami, Francis Suarez. He uploaded the Bitcoin whitepaper to the Miami City website after Craig Wright filed a lawsuit. “The city of Miami believes in Bitcoin and I work day and night to make Miami a hub for crypto innovation. Miami is proud to be the first city government to publish Satoshi’s government white paper, ”Suarez wrote on Wednesday.

McHenry praised Suarez’s efforts to promote bitcoin and innovation and replied, “Mayor Francis Suarez is impressed with what you’re doing in Miami. I hope more policymakers will join us to support American innovation. “

Earlier this month, Suarez discussed putting some of the City of Miami’s financial reserves in BTC and said he was working on enabling payments from city services in the cryptocurrency.

McHenry has said that Bitcoin is unstoppable and governments shouldn’t try to ban it. “The world that Bitcoin whitepaper author Satoshi Nakamoto envisioned and that others are building is an unstoppable force,” he said during a financial services committee hearing in July 2019. “We should not try to deter this innovation, and governments cannot stop this innovation, and those who have tried have already failed. ”McHenry added,“ Because of the nature of Bitcoin’s technology, governments cannot and should not kill it. ”

Last week, McHenry commented on Joe Biden’s election for the new chairman of the US Securities and Exchange Commission, Gary Gensler. He believes the MIT blockchain professor’s receptivity to emerging financial technologies and cryptocurrency is positive.

The US Senate also has a vocal Bitcoin attorney. Wyoming Senator Cynthia Lummis has vowed to help her fellow Congressmen understand that Bitcoin is a great store of value.

What do you think of pro-bitcoin US politicians? Let us know in the comments below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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