White House Republican leader Kevin McCarthy says he supports Bitcoin
📣 Kevin McCarthy, the Republican leader in California, recently appeared at Squak Box to talk about the Biden government's various governance policies, as well as their approach to the Bitcoin and crypto markets.
👉 McCarthy is calling for better regulation to allow the cryptocurrency market to thrive in the United States.
When asked about his views on the Biden government's approach to Bitcoin, especially about the Treasury Secretary Janet Yellen, who warned people against using cryptocurrencies, McCarthy said U.S. regulators tried to ignore it, but these people need to start understanding the importance of cryptocurrencies in the future for the financial industry
Finance Minister Janet Yellen of the Biden administration has drawn a lot of attention in recent months because of her tough stance on Bitcoin, saying that "Bitcoin is used for illegal activities, and this trend is on the rise."
However, in practice, the use of cryptocurrencies such as Bitcoin for illegal activities has decreased significantly over the years, as analytical and tracking tools become more advanced and changed, as well. The KYC process had been done quite close.
After Wall Street, Did Politicians Realize the Potential of Bitcoin?
Kevin McCarthy is not the only politician in favor of Bitcoin. Political decision-makers have also realized the potential that Bitcoin and cryptocurrencies have in the future.
There is no denying that cryptocurrencies have a huge influence on the financial industry. Giants like Goldman Sachs only last year were worrying about Bitcoin ... but now they have added Bitcoin to the financial rankings and implemented cryptocurrency investment services this year.
China's growing development in the blockchain space and the development of the CBDC known as the digital yuan were seen by the United States as a potential threat to America's financial sovereignty.
Many politicians, including Miami Mayor Francis Suarez, have called for the United States to do something to prevent China from overtaking the digital currency and for better regulation of electricity money.
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