{"id":12516,"date":"2021-09-25T13:54:16","date_gmt":"2021-09-25T13:54:16","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/us-lawmakers-see-chinas-authoritarian-crackdown-on-crypto-as-big-opportunity\/"},"modified":"2021-09-25T13:54:16","modified_gmt":"2021-09-25T13:54:16","slug":"us-lawmakers-see-chinas-authoritarian-crackdown-on-crypto-as-big-opportunity","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/us-lawmakers-see-chinas-authoritarian-crackdown-on-crypto-as-big-opportunity\/","title":{"rendered":"US Lawmakers See China\u2019s Authoritarian Crackdown on Crypto as Big Opportunity"},"content":{"rendered":"

Several U.S. lawmakers see China\u2019s authoritarian crackdown on cryptocurrency, including bitcoin, as \u201ca perfect opportunity for American leadership on cryptocurrency.\u201d One senator noted that it is \u201ca reminder of our huge structural advantage over China.\u201d<\/strong><\/p>\n

US Lawmakers Comment on China\u2019s Cryptocurrency Crackdown<\/h2>\n

Following the latest news of China\u2019s crackdown<\/a> on cryptocurrency, several U.S. lawmakers have shared their views on the situation.<\/p>\n

Senator Pat Toomey from Pennsylvania said:<\/p>\n

China\u2019s authoritarian crackdown on crypto, including bitcoin, is a big opportunity for the U.S. It\u2019s also a reminder of our huge structural advantage over China.<\/p>\n

\u201cBeijing is so hostile to economic freedom. They cannot even tolerate their people participating in what is arguably the most exciting innovation in finance in decades,\u201d he added. \u201cEconomic liberty leads to faster growth, and ultimately, a higher standard of living for all.\u201d<\/p>\n

The pro-bitcoin senator from Wyoming, Cynthia Lummis, who has been trying to educate<\/a> her colleagues in Congress that bitcoin is a great store of value<\/a>, chimed in. Commenting on Toomey\u2019s tweet, she wrote: \u201cGradually, then suddenly. Closer to the \u2018suddenly\u2019 phase by the day. Keep up the education on the Hill. It\u2019s spreading.\u201d<\/p>\n

Congressman Tom Emmer from Minnesota opined: \u201cDigital. Authoritarianism. China is forcing its citizens away from decentralized currency and onto the digital yuan so the CCP can track all money movements. You fear Big Brother? Then you should also fear what the Fed might be designing.\u201d Federal Reserve Chairman Jerome Powell recently said that the Fed will soon publish a discussion paper<\/a> on a central bank digital currency (CBDC). Emmer further stated:<\/p>\n

Open. Permissionless. Private. If China bans it, you know it\u2019s something worth fighting for.<\/p>\n

U.S. Representative Warren Davidson from Ohio described: \u201cAmerica has an incredible opportunity to protect personal digital wallets, embrace true distributed ledger technology, and strengthen our advantage over China\u2019s authoritarian Communist Party.\u201d<\/p>\n

Miami Mayor Francis Suarez, who is trying to make his city a bitcoin hub<\/a>, stressed: \u201cChina banning bitcoin is a massive mistake with impacts that will be felt for generations. Their loss is our gain and America can and will lead the future by providing a clean power home for bitcoin miners and all who are building on\/with\/for bitcoin.\u201d<\/p>\n

Congressman Patrick McHenry from North Carolina concurred with the mayor of Miami. \u201cYou\u2019re exactly right Mayor Francis Suarez,\u201d he replied to the mayor\u2019s tweet, emphasizing:<\/p>\n

China\u2019s decision to restrict access presents a perfect opportunity for American leadership on cryptocurrency.<\/p>\n

Do you agree with these U.S. lawmakers? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, China, China crackdown, china crypto crackdown, cynthia lummis, Francis Suarez, miami mayor, pat toomey, patrick mchenry, pboc crypto, tom emmer, US government, us senators, Warren Davidson<\/p>\n","protected":false},"excerpt":{"rendered":"

Several U.S. lawmakers see China\u2019s authoritarian crackdown on cryptocurrency, including bitcoin, as \u201ca perfect opportunity for American leadership on cryptocurrency.\u201d One senator noted that it is \u201ca reminder of our huge structural advantage over China.\u201d US Lawmakers Comment on China\u2019s Cryptocurrency Crackdown Following the latest news of China\u2019s crackdown on cryptocurrency, several U.S. lawmakers have…<\/p>\n","protected":false},"author":0,"featured_media":12517,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-12516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12516"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=12516"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12516\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/12517"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=12516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=12516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=12516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}