• Thu. Feb 29th, 2024

US Politicians Seem To Be Embracing Flagship Crypto Bitcoin (BTC)

Phillip Seefeldt

ByPhillip Seefeldt

Apr 27, 2021

The United States’ politicians seem to have started embracing the world’s largest digital currency, Bitcoin. In the last couple of weeks, there are different states and region all across the United States territory that have presented new regulations, statements and resolutions that recognize Bitcoin as an asset which is making way for its wider adoption.

The House of Representatives of Louisiana’s legislative arm published the No. 33 resolution to congratulate the entire BTC and crypto industry and community on their immense accomplishments. In the document, it is stated that BTC has all the potential to overturn Gold as the new store of value.

The features of Bitcoin — Proof of work consensus, limited supply and ultimately decentralization — have made the digital asset an integral tool for businesses. In this resolution also was stated that BTC could give an advantage over inflation and currency devaluation for all citizens around the globe.

In the resolution, the institution noted: “This is to give commendation to BTC for its tremendous thriving and success on becoming the first digital and decentralized asset worth a trillion dollars and to encourage the state government and local governments to explore the ways to harness the benefits of this new [trending] technology.”

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Cynthia Lummis, the senator from Wyoming State, reacted to the published resolution. Lummis has been known to be a crypto enthusiast and an active member of the cryptocurrency community. In her reaction to the resolution, she tagged the senators Bill Cassidy and John Kennedy and said: “Let’s visit, as frequently as the case is, it seems our states are on the same page. Let’s make Bitcoin national.”

United States’ Politicians can take BTC National

The legislation in Lummis’ State has seemed favorable to BTC and the entire cryptocurrency industry. Member of the Blockchain Select Committee of the regional government, Caitlin Long, stated in the committee report on the 21st of April that DAOs — Decentralized Autonomous Organizations will be recognized soon as a type of LLC by the state.

The participants of these entities, therefore, are subject to the protections of the state and can be enacted by a legal binding of the court of law. As stated by Long, Wyoming gave ETH, BTC, ADA and others legal protection and declared them as property according to the commercial law.

Currently, the city of Miami and Florida are fast growing centers for BTC and crypto activities, including favorable legislation to the cryptocurrency industry. The Mayor, Francis Suarez, rebranded the city as a crypto hub in a campaign according to an article published in the New York Times.

Phillip Seefeldt

Phillip Seefeldt

Phillip Seefeldt is a skilled and perceptive news writer known for his comprehensive analysis and engaging writing style. With a commitment to accuracy and a deep understanding of current affairs, his articles provide readers with insightful perspectives and thought-provoking insights.

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