Michael Saylor, US Senator Ted Cruz, CEO of Custodia Bank Caitlin Long, Cynthia Lummis, and Peter St. Onge all took part in a panel discussion at the Heritage Foundation.
‘Bitcoin can protect Americans because it can not be created out of nothing,’ said Kevin Roberts, President of the Heritage Foundation. He spoke at the Heritage Foundation’s discussion titled “Bitcoin and the American Experiment.”
What did all the panelists say?
“Bitcoin is the single most destructive invention in a positive sense,” Roberts said in his debut speech. Michael Saylor, US Senator Ted Cruz, CEO of Custodia Bank – Caitlin Long, Cynthia Lummis, and Peter St. Onge were among those who took part in the panel discussion. The panelists explored Bitcoin’s past, present, and future in America.
Cynthia Lummis discussed a pro-crypto regulatory framework that she feels will provide order to the industry while allowing innovation to flourish. The crypto space is “really great,” according to Lummins. She went on to depict Bitcoin as a rising Phoenix. The law will be a lengthy document that explains the many components of crypto assets and commodities.
“The American dream is all about property rights, sovereignty, and independence,” Saylor said of Bitcoin’s chances. “Then you can take your life savings, energy, and economy to cyberspace.”
Ted Cruz, the event’s Keynote Speaker, lauded BTC as a very extraordinary innovation. With the introduction of Bitcoin, the Senator claimed that money no longer had to be a government monopoly. “Now everyone has access to money thanks to blockchains and distributed ledgers,” stated US Senator Ted Cruz.
The panel debate occurred during the US government’s growing hostility toward digital assets. US President Joe Biden signed an executive order earlier this year directing government agencies to develop new cryptocurrency regulations. In the United States, cryptocurrency is still a relatively new asset class. The Securities and Exchange Commission (SEC) has long regarded cryptocurrencies with suspicion.
Heritage Foundations’ scathing commentary on the Biden administration
According to the Heritage Foundation’s blog, the SEC has effectively launched a war on cryptocurrency. “Despite years of submissions from responsible candidates, not one Bitcoin exchange-traded fund has been approved,” according to the blog, “even as significantly riskier commodity derivatives have been greenlighted with joy.”
The article also mentioned that over 86 startup coins were structured to exclude US citizens. This makes the United States the country most likely to be barred from crypto offers, exceeding Iran, Syria, and North Korea!
Article further attacks Bidens’ administration stating that perhaps the most troubling aspect of Biden’s executive order is his support for a surveillance cryptocurrency known as a Central Bank Digital Coin.
As per the article, such a tool would allow the government to monitor and control every cent people spend while also empowering bureaucrats and politicians to dictate or prohibit any spending they disapprove.
The article says that Biden blames his failings on essential industries that Americans depend on—supply chains, energy, and now financial instruments that allow Americans to avoid double-digit inflation and a surveillance regime akin to China.
The article suggested that to prevent this, Congress must demand that it alone have the authority to decide whether new internet-scale businesses that promote individual liberty and protection should be destroyed and whether the US dollar should be superseded by a “Made in China” surveillance state.
Those crucial policy decisions should not be left to this inept administration.