U.S. Congressman Patrick McHenry believes the United States should lead the charge in Bitcoin innovation.
At the recent Bitcoin Policy Summit in Washington D.C., McHenry (R-NC) described Bitcoin as a bastion of freedom and an unstoppable piece of technology, emphasizing the failure of even stringent regimes, such as the Chinese communist party, to halt its progress.
“This is where the action is, this is a bastion of freedom […] Every regime that has tried to shut it down has failed,” he said.
Known as an advocate for financial innovation, McHenry stressed that his colleagues in Congress must become well-versed in Bitcoin (BTC) to avoid the pitfalls of ill-informed policymaking in the fireside chat. The Republican highlighted the awkward moments when lawmakers inquire about obscuring transactions with Bitcoin, not realizing it operates on a transparent ledger.
“The dumbest way to try to obscure your transactions are to do them in public,” he stated, adding that cash remains the primary tool in illicit finance due to misconceptions about Bitcoin’s transparency.
McHenry also emphasized the importance of educating policymakers on Bitcoin, suggesting that reading Satoshi Nakamoto’s Bitcoin white paper could facilitate more informed legislative discussions. The Congressman expressed concern over the misinformation rabbit holes that uninformed policymakers tend to fall into, leading to misguided legislation.
In his call to action, McHenry urged the United States to seize the opportunity to become a leader in the Bitcoin revolution and become the country to influence the future of finance and technology globally.
“I’m trying to convince policymakers on the hill to embrace and for the United States to be leaders in, rather than fall behind,” he concluded.
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