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U.S. Congressman Davidson Says Bitcoin Is “Required to Defend Freedom”

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U.S. Congressman Davidson Says Bitcoin Is “Required to Defend Freedom”

While many in Washington D.C. are hesitant to offer Bitcoin their help, a Congressman not too long ago took to Twitter to help this nascent house.

Related Reading: Crypto Tidbits: Bitcoin Holds $9k, Ethereum DeFi Gains Traction, Trump Talked BTC in 2018

Congressman Throws Weight Behind Bitcoin, Calls It “Sound Money”

On June 22nd, the Congressman of Ohio’s eighth district, Warren Davidson, tweeted the message seen beneath. “Sound Money is required to Defend Freedom,” Davidson wrote, together with a message of Bitcoin on high of U.S. {dollars}.

#SoundMoney is required to #DefendFreedom. pic.twitter.com/XDF8rtHB33

— Warren Davidson (@WarrenDavidson) June 22, 2020

Many within the cryptocurrency house had been fast to thank Davidson for this tweet. Meltem Demirors of CoinShares, Hodlonaut, and Brandon Quittem are amongst people who praised the Congressman for supporting Bitcoin.

This is much from the primary time Davidson has publicly supported cryptocurrencies.

Davidson beforehand instructed Pierre Rochard and Michael Goldstein, two Bitcoin commentators and supporters, that Facebook ought to use BTC as a substitute of Libra.

Read More:  Final Wave in Current Bitcoin Rising Wedge Could Target $11,000

The politician additionally branded altcoins “shitcoins” in a Congressional listening to, additional cementing his help for the main cryptocurrency.

President Trump Isn’t a Fan

Davidson and others in Washington D.C. are supportive of Bitcoin and cryptocurrencies however President Trump will not be a fan. Far from.

According to the Washington Examiner, the U.S. chief was essential of the main cryptocurrency as early as May of 2018. He instructed Treasury Secretary Steven Mnuchin to “go after Bitcoin” throughout a May 2018 assembly on China.

This revelation that Trump has been in opposition to Bitcoin since 2018 was revealed in an excerpt from the ebook The Room Where It Happened. The ebook, by former nationwide safety advisor John Bolton, has but to be printed attributable to strain from the Department of Justice.

Trump’s skepticism of cryptocurrencies is culminating in regulatory strikes to manage this nascent trade.

The White House’s funds proposal for the fiscal 12 months of 2021 commented on crypto. It mentioned that the United States Secret Service — which truly enforces many monetary crimes — must be returned to the Treasury.

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The proposal additionally urged that this transfer will “create new efficiencies” in how the Secret Service enforces cryptocurrency-related crimes.

Secretary Steven Mnuchin additionally instructed CNBC in 2019:

“We’re taking a look at the entire crypto property. We’re going to ensure we now have a unified strategy and my guess is that there are going to be extra rules that come out from all these companies.”

He later mentioned that the Financial Crimes Enforcement Network (FinCEN) will quickly roll out “important new necessities” for the cryptocurrency trade.

We wish to guarantee that know-how strikes ahead however, alternatively, we wish to guarantee that cryptocurrencies aren’t used for the equal of outdated Swiss secret quantity financial institution accounts.

Related Reading: Buying Bitcoin at $8k or $9k Won’t Matter in 2 Years: Fund Manager Explains
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U.S. Congressman Davidson Says Bitcoin Is “Required to Defend Freedom”

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