U.S Representative Patrick McHenry (R-NC) told his fellow lawmakers this week that innovations like cryptocurrency are why the United States has such a vibrant economy. McHenry’s remarks came during a hearing on July 17, in which the Congressman referred to the innovative technology as an “unstoppable force.”
“The world that Satoshi Nakamoto, author of the Bitcoin whitepaper, envisioned - and others are building - is an unstoppable force. We should not attempt to deter this innovation. Governments cannot stop this innovation, and those that have tried have already failed.
The question then becomes: what are American policymakers going to do to meet the challenges and the opportunities of this new world of innovation? Some politicians want us to live in a permission-based society, where you need to come to government and ask for its blessing before you can begin to even think about innovating. Those are the politicians who would rather kill it before it grows.
But there are others who believe in the vibrancy of American ingenuity, American innovation - that recognizes our economy is built off of generations of entrepreneurs and innovators, through competition, through testing, through tinkering, through iterating – got us here today.”
McHenry also addressed cryptocurrencies during an appearance on CNBC’s Squawk Box that day and doubled-down on his assertion that Bitcoin cannot be killed. He also took a more open approach to the subject of Facebook’s proposed Libra cryptocurrency payment system, referring to the current Congressional resistance as a “kneejerk reaction to kill an idea.”