As politicians from both parties debate the future of digital money, support for Bitcoin and other crypto-assets is growing increasingly bipartisan.
According to a Slate study, as the United States prepares for a Congressional election year, conservatives are increasingly utilizing Bitcoin as a talking point in their political campaigns.
According to a source, Ohio Republican Josh Mandel is a staunch advocate of Bitcoin and other crypto-assets and is running for the United States Senate.
Cryptocurrency has become more pro-conservative, which Mandel sees as a healthy trend.
According to the source, Cynthia Lummis, a freshman Republican Senator from Wyoming, is a vociferous supporter of crypto assets in Congress. Lummis, who purchased $50,000 to $100,000 in Bitcoin in August 2021 and accepts crypto campaign donations, has proposed legislation to regulate the digital asset business.
House Minority Leader Kevin McCarthy (R-OH) has also endorsed bitcoin and blockchain technology. McCarthy believes that the Federal Reserve and Treasury Department should adopt bitcoin in order to avoid falling behind China in the digital currency race.
According to the survey, one rationale for the GOP’s adoption of crypto is the increased popularity of libertarian principles in the party – traits that also fit perfectly with crypto’s theme of decentralization.
According to a New York Times columnist, crypto is appealing to Republicans because to their suspicion of large institutions, which former President Trump exploited throughout his 2016 presidential campaign.
The White House supports senators who are pushing for stricter laws on cryptocurrency reporting
The White House unexpectedly entered into a heated debate over competing for crypto additions to the $1 trillion infrastructure proposal. As a result, it has opted to support the side that is less receptive to Bitcoin and Ethereum.
The bipartisan plan has a schism because of a clause that would raise revenue by levying greater taxes on bitcoin transactions.
Crypto proponents complained that the legislation’s initial form, which required brokers of digital assets to report on bitcoin trading gains, was vague and overbroad. Changes are being implemented to narrow the scope of the investigation.