US Senators have been weighing the possibility of deriving benefits from the Chinese crackdown against Bitcoin mining and are treating the crackdown as a window of opportunity for the US to become a crypto mining leader at the global level. One of the senators tried to draw US Government’s attention towards the vacuum and suggested that the Government should seriously consider the potential “structural advantage” that can be achieved over traditional rival, China.
Something out of the blue has happened in the Upper House of the US. Some of the Senators have been commenting on crypto mining with regard to the onslaught of Chinese authorities against Bitcoin mining. For instance, the first Senator to comment on the situation was Pat Toomey who hails from the State of Pennsylvania, US. He said that because of Chinese crackdown against the mining of crypto, which also includes Bitcoin, has created a window of opportunity. The opportunity is so big and lying ahead to be grabbed by anyone and no state, except for the US, is in the better position to grab it. There is need to seriously consider the potential “structural advantage” that the US can achieve over its rival.
Furthermore, Toomey suggested that Chinese Government as well as its functionaries is deliberately hurting and damaging “economic freedom”. He stated that even the peoples’ interests have been intentionally ignored while their participation in crypto has been discouraged. Instead of embracing this unique innovation, China is jeopardizing peoples’ right to do business without fear. The Senator opined that rapid growth of a state depends upon economic liberty which leads to standardized living for every single being.
The second Senator who was concerned about the banning of mining activities in China was Cynthia Lummis. Before she even took the oath as Senator, she promised that she will use her crypto knowledge for educating her fellow Senators. She even wanted them to believe that they should all seek for a better store of value for investment purposes. According to her Bitcoin is that store of value that is not only great but the need of the hour.
But with regard to the comments made by Senator Toomey, Lummis too had a lot to say. She responded to Toomey by expressing that people need to realize that Bitcoin as well as all the virtual assets are for them actually. However, the “realization” will come only when people are properly educated about virtual currencies and their unique roles.
Then there was Senator Tom Emmer from the state of Minnesota. Senator Emmer was of the view that the Chinese Government is acting as a fascist regime in which it is forcefully diverting the nation’s attention from their interest. In this effort, the authorities in China are bent upon Chinese people to use digital Yuan by designing the conditions for their liking. However, the public interest has been totally neglected and literally sacrificed for achieving one-sided agenda.
All the three Senators were on the same page with regard to filling the vacuum created as a result of Chinese crypto mining crackdown. They insisted that the US can become global leader in crypto mining if the Government seriously considers the opportunity lying ahead.