The Republican House Leader wants regulators to embrace Bitcoin

In a recent interview, Kevin McCarthy, chairman of the U.S. minority group, said lawmakers should not ignore Bitcoin but understand its future role.

While many regulators around the world are hoping to deny the growing importance of Bitcoin to their economies and the world at large, some in the US have realized that the decentralized asset can no longer be ignored.

That sentiment was shared by the Republican leader of the U.S. House of Representatives, Kevin McCarthy, who recently told CNBC that the country’s policymakers should no longer ignore Bitcoin but accept it.

“They tried to ignore it to make it go away,” McCarthy said of frequent Bitcoin critics like US Treasury Secretary Janet Yellen and JPMorgan Chase CEO Jamie Dimon. “You shouldn’t ignore it … This is something that those who regulate, those in government who make politics, better understand what it means for the future as other countries, especially China, are moving forward. I don’t want America to fall behind. I want the next century to be ours. That’s why I want to look forward and not backward and keep my head in the sand. “

This latest McCarthy statement is yet another indication of Bitcoin’s growing role in the financial sector. The asset will be adopted by both retailers and institutions alike as it can serve as both a payment method and a viable hedge against inflation.

More and more U.S. lawmakers like McCarthy and Senator Cynthia Lummis seem to be recognizing the fact that Bitcoin is an inevitable movement that cannot be mitigated by regulation. As Hester Peirce of the US Securities and Exchange Commission recently put it, lawmakers cannot ban Bitcoin (although it can make it difficult to use). That means that the superior option is to step in and create an environment in which the US can thrive as Bitcoin grows.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.

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