Congressman Kevin McCarthy highlighted how concerning it is that the United States is ignoring Bitcoin (BTC). He says that it is relevant to learn more about it as other countries like China are moving forward.
US Republican leader Kevin McCarthy was recently in an interview on CNBC television. The congressman warned about how dangerous the fact that the United States ignores Bitcoin (BTC) can be.
McCarthy serves California’s 23rd District and is currently the Republican leader in the US House of Representatives.
In the interview, the congressman spoke about the Secretary of the Treasury, Janet Yellen, and the President of the FED, Jerome Powell. Regarding whether they “had good knowledge of digital currencies,” he stated that both officials tried to ignore Bitcoin to make it disappear.
McCarthy Says that Ignoring Bitcoin Will Not Make It Go Away
The President of the FED and the Secretary of the US Treasury have not gotten used to Bitcoin nor have they realized its potential. Powell went so far as to assure that cryptocurrencies are “vehicles for speculation.” Similarly, Janet Yellen highlighted the need to reduce the use of cryptocurrencies to combat money laundering.
However, it is a reality that the United States seems to be lagging when it comes to cryptocurrencies, especially Bitcoin.
“Since Bitcoin will be part of the future, they should not ignore it. Not only should they learn more about it, but the base should continue to grow as well. Government policy-making agencies should begin to understand what it means for the future. Other countries are moving forward, especially China,” McCarthy said.
On other occasions, there have been debates about the lack of a position on the market of cryptocurrencies, especially Bitcoin. This is particularly worrying since other countries have been making progress on these topics.
“I do not want the United States to remain behind [when it comes to cryptocurrencies]. I want the next century to be ours. For that reason, I want to look forward rather than backward, and not keep my head in the sand,” the legislator concluded.
There is Growing Interest in Bitcoin ETFs in the United States
Investment manager VanEck launched its first Bitcoin, cryptocurrency, and digital asset company ETF. According to the firm, this fund provides exposure to companies that “drive the digital transformation of the global economy.”
Canada, which has already managed to get ahead of the United States regarding the issue of Bitcoin ETF issuance, recently launched a reverse ETF. It gets that name because it allows investors to make money when Bitcoin goes down in price.
Gary Gensler recently received the ratification as the new SEC Chairman. That could be a factor for more flexibility in considering the Bitcoin ETF applications before that commission. Gensler is one of a group of new members of the SEC that people consider favorable to Bitcoin.
The speeches of this group of officials have been different from the opinions contrary to the cryptocurrency ecosystem. Far from associating Bitcoin with illicit activities, they have shown a greater understanding of the growing importance of this new technology.
By Alexander Salazar
