Congressman Khanna Advocates for Crypto at Digital Asset Summit

US Representative Ro Khanna (D-CA) recently addressed the Digital Asset Summit in New York, becoming the first elected official to speak at the event. Khanna, who represents parts of the San Francisco Bay Area, underscored the importance of blockchain technology, noting its prominence among local entrepreneurs and leaders. He expressed surprise at the political divide surrounding cryptocurrency, stating, "I never understood why it became so political."

Khanna, who has been in the House since 2017, noted the shifting stance of the Trump administration towards cryptocurrency. While Trump and his team have embraced the pro-crypto shift, Khanna believes Democrats also have a significant role in supporting the industry. He stated, "To me, this is about the extension of American leadership and influence. But I don’t think the Democratic Party fully understood that."

Khanna's appearance at the summit followed the recent passage of a DeFi broker CRA resolution with bipartisan support in Congress. He was one of 76 Democrats in the House to vote in favor of the measure, which seeks to overturn an IRS rule classifying decentralized operations as brokers. The resolution is now awaiting the President's signature.

Looking ahead, Khanna highlighted that lawmakers are prioritizing the passage of a stablecoin bill and a market structure bill. The President has expressed his desire to have a bill on his desk by the end of the summer, emphasizing the urgency of these legislative efforts.

Khanna's remarks reflect the growing bipartisan support for cryptocurrency in Washington. His participation in the summit and advocacy for pro-crypto legislation indicate a shift in the political landscape, with both Republicans and Democrats acknowledging the significance of blockchain technology and its potential to bolster American leadership and influence. As the industry continues to develop, it is evident that lawmakers from both parties are dedicated to creating a supportive regulatory environment for cryptocurrency.