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US Lawmakers See China’s Authoritarian Crackdown on Crypto as Big Opportunity

US Lawmakers See China's Authoritarian Crackdown on Crypto as Big Opportunity for US

Several U.S. lawmakers see China’s authoritarian crackdown on cryptocurrency, including bitcoin, as “a perfect opportunity for American leadership on cryptocurrency.” One senator noted that it is “a reminder of our huge structural advantage over China.”

US Lawmakers Comment on China’s Cryptocurrency Crackdown

Following the latest news of China’s crackdown on cryptocurrency, several U.S. lawmakers have shared their views on the situation.

Senator Pat Toomey from Pennsylvania said:

China’s authoritarian crackdown on crypto, including bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China.

“Beijing 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,” he added. “Economic liberty leads to faster growth, and ultimately, a higher standard of living for all.”

The pro-bitcoin senator from Wyoming, Cynthia Lummis, who has been trying to educate her colleagues in Congress that bitcoin is a great store of value, chimed in. Commenting on Toomey’s tweet, she wrote: “Gradually, then suddenly. Closer to the ‘suddenly’ phase by the day. Keep up the education on the Hill. It’s spreading.”

Congressman Tom Emmer from Minnesota opined: “Digital. 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.” Federal Reserve Chairman Jerome Powell recently said that the Fed will soon publish a discussion paper on a central bank digital currency (CBDC). Emmer further stated:

Open. Permissionless. Private. If China bans it, you know it’s something worth fighting for.

U.S. Representative Warren Davidson from Ohio described: “America has an incredible opportunity to protect personal digital wallets, embrace true distributed ledger technology, and strengthen our advantage over China’s authoritarian Communist Party.”

Miami Mayor Francis Suarez, who is trying to make his city a bitcoin hub, stressed: “China 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.”

Congressman Patrick McHenry from North Carolina concurred with the mayor of Miami. “You’re exactly right Mayor Francis Suarez,” he replied to the mayor’s tweet, emphasizing:

China’s decision to restrict access presents a perfect opportunity for American leadership on cryptocurrency.

Do you agree with these U.S. lawmakers? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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