With the growing perceived legitimacy of blockchain technology, US politicians are showing a growing interest in making this impartial technology a topic of political division.
Former presidential candidate Hillary Clinton spoke to the audience at the Bloomberg New Economy Forum in Singapore on Friday, saying that while cryptocurrencies were an “interesting” technology, they could also undermine the US dollar and destabilize countries – “can start small, but much more “Although Clinton is no longer the leader of the Democratic Party, Clinton treats cryptocurrency like Elizabeth Warren, who often criticizes the cryptocurrency market during committee hearings.
Clinton’s comments came during a discussion with Russian President Vladimir Putin, whom she accused of involvement in a disinformation campaign and cyber war – also apparently with reference to ransomware attacks and some associated cryptocurrencies. While the intentions of the former presidential candidate are unknown, a prominent democratic voice, such as Clinton linking Russia to a seemingly apolitical financial instrument such as cryptocurrency, could have the potential to harm U.S. lawmakers trying to conduct politics on both sides of the aisle.
Guerrilla policy in the United States has at times been comically controversial. For example, many Republican voters destroyed their belongings – Nike shoes and Keurig brewing machines, to name a few – after lawmakers rallied against former NFL quarterback Colin Kaepernick, who knelt during the singing of the American national anthem. The whole discussion about masks and vaccines in the United States is often not designed as a scientific question, but as a question of “freedom”, mainly driven by posts on social media and statements from conservative mouthpieces.
Former President Bill Clinton spoke at the Ripple Swell conference in 2018 and said that the “changes and opportunities” for the blockchain were “surprisingly cool”, but when he made that comment, he was absent from power for almost 17 years. When a later Democratic figure like Hillary Clinton opposes cryptocurrency, can it affect how current lawmakers deal with the problem?
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On Monday, President Joe Biden signed a trillion-dollar infrastructure bill that also applies stricter rules for cryptocurrency companies and expands reporting requirements for intermediaries, including digital assets. While the adoption of the bill through both houses of Congress took place mainly along the party line – 69-30 votes in the Senate, 228-206 – in the House of Representatives – the formulation of cryptocurrencies seemed to be a cross-party issue.
Republican Senator Cynthia Loomis has largely voted with her party on controversial issues, including against a commission investigating the attack on the US capital on January 6 and not demanding a supreme court against the former president – but even she bridges the gap when it does. Comes to encryption. Loomis voted against the Senate’s Infrastructure Bill and is currently working with Democratic Senator Ron Wieden to pass a new law that will change tax reporting requirements so that they do not apply to certain individuals.
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Other efforts by Democratic and Republican lawmakers so far point to common ground – at least when it comes to cryptocurrency and the blockchain. The Texas Democratic Party plans to launch a pilot program aimed at collecting candidates and using immutable tokens, while the GOP National Congress Committee and several party candidates for state and federal offices are now accepting cryptocurrency donations.