It is Congress, Not the Biden Administration, Who Will Decide the Future of Bitcoin and Other Cryptocurrencies, According to House GOP Leaders

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Last Updated on March 11, 2023 by Bitfinsider

The future of Bitcoin (BTC) and cryptocurrencies in the US will be shaped by Congress, not the White House, according to a GOP House leader.

Tom Emmer, the majority whip in the House, is outlining a list of pro-crypto bills that are currently being considered by the House of Representatives and that he thinks would bring positive clarity to the developing sector.

The representative from Minnesota is also commenting on the Biden administration’s criticism of the 50 million Americans who own digital assets. He said: “President Biden has a political plan to lawlessly abuse the administrative state to push American crypto firms and their United States customers into offshore, unregulated, opaque, and unsafe markets. These recent actions are an explicit display of what Congress and the American people already notice: this Administration is weaponizing the banking sector to de-bank legal crypto activity here in the US using scare tactics to run an entire industry out of the country.”

The Biden Administration, according to Emmer, who serves on the influential House Financial Services Committee, which regulates the Federal Reserve, the Securities and Exchange Commission (SEC), and the U.S. Department of Treasury, is attempting to control the American people and limit their financial freedoms. He said: “Clearly, the Administration’s policies are motivated by a thirst for increased control over the American people.”

Emmer is drawing attention to the pro-crypto legislation he has introduced in Congress and reminding his listeners that Congress, not the executive branch, has the power to enact laws pertaining to digital assets.

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