US Congressman Ro Khanna Becomes First Democrat to Support Bitcoin Reserve Bill

On October 6th, US Senator Cynthia Lummis announced legislation to create a strategic Bitcoin reserve in Bitcoin Nashville in July. Lummis' bill would use existing funds from the Federal Reserve and Treasury to purchase 1 million Bitcoin. On the same day that Lummis announced the details of her bill, former President Donald Trump outlined his policy of establishing a "national Bitcoin reserve" and "never selling" the approximately 200,000 Bitcoin currently owned by the US government. In a recent episode of the Unchained Podcast, Democratic Representative Ro Khanna emphasized that the US government should continue to hold seized Bitcoin as a strategic reserve asset.

 

Connor believes that this is a bipartisan issue. He believes that Bitcoin may increase the reserves of the Federal Reserve due to its appreciation potential and help maintain the US's financial leadership position. The US should take a leading role in this new asset class to establish market rules. In addition to advocating for Bitcoin, Connor has been committed to improving cryptocurrency regulation. He co-sponsored the FIT 21 bill to balance regulation between the CFTC and SEC, which has received support from more than 70 Democrats. His goal is to reshape the party's attitude towards cryptocurrency, get rid of past hostility, and take a more proactive stance on decentralization and innovation.