The next generation of decentralized internet technology will be built using blockchain and bitcoin, according to US Congressman Patrick McHenry. The US representative for North Carolina’s 10th district has openly backed the emergence of cryptocurrencies like Bitcoin.
McHenry discussed how, in the absence of regulation and innovation, the US is “at risk” of slipping behind in the developing crypto economy during the most recent House Financial Services Committee meeting.
“Terms like cryptocurrency, blockchain technology, and the digital asset ecosystem are now part of the everyday lexicon for millions of Americans and people around the world,” the congressman claimed. Regarding Bitcoin and other digital assets, McHenry stated, “This is a software revolution and a financial revolution if done correctly.”
The US House Financial Services Committee was unable to agree on a stablecoin measure on Thursday. McHenry is one of the primary voices pushing for the clear regulation of the cryptocurrency business in America.
The largest and best-known crypto-digital asset on the market right now is bitcoin. Even the US government is storing Bitcoin, which is worth millions of dollars, demonstrating how ubiquitous the phenomena is becoming in the economy. Regulators’ adoption of other cryptocurrencies, however, is still a work in progress. McHenry is adamant that Bitcoin has the potential to lead the subsequent financial revolution.
Additionally, McHenry describes how, in the past, joint-stock firms were the key invention that some believed to be a fraud-inducing catalyst. The same treatment is currently being given to digital assets. McHenry and the Financial Services Committee will keep pressing for passage of the legislation in the hopes that the next financial revolution will be led by Bitcoin and other cryptocurrencies.