US Senator: What status should Bitcoin have in the United States?

Author: Jim Justice, Bitcoin Magazine; Translated by Wuzhu, Golden Finance

The United States is the envy of the world, based on our unparalleled economic strength and the dominance of the U.S. dollar as the currency of choice. However, in recent years, our dominance has been weakened. Whether due to the negligence of previous governments or the economic aggression of our adversaries, other forms of currency have emerged in an attempt to replace the dollar. As a result, our ability to leverage U.S.-backed financial institutions has also weakened. Attempts to weaken our currency's dominance have led to the fragmentation of the world's financial system and marked the weakening of America's global influence.

In addition, our national debt has become a heavy financial burden that threatens our ability to continue to be the world's only superpower. Now, our national budget for paying interest on the national debt exceeds spending on important services and social welfare. This situation must stop.

President Trump has a bold vision for our country—and he has been putting it into action with skill and speed. The cornerstone of his vision is to reestablish America’s monetary dominance, rebuild the conditions for long-term stability, and reaffirm our reliability on the world stage.

The President’s Executive Order on the creation of a strategic Bitcoin reserve should be a nonpartisan, pragmatic step toward restoring America’s dominance.The President understands that Bitcoin can be used in the same way that we use gold to back the dollar. Bitcoin is an appreciating asset that has the potential to reduce our national debt in a matter of years, or even eliminate it altogether. The President sees its potential and wants us to use it for the benefit of the nation.

In tandem with the President’s Executive Order, I have co-sponsored a bill authored by Senator Cynthia Loomis of Wyoming to codify into law the steps the President has set in motion through his visionary Executive Order. Financial markets thrive on certainty and stability, and so does Bitcoin. By enacting the President’s executive order into law, we have accomplished just that: providing stability for an endeavor designed to help us build economic resilience and geopolitical strength.

The good news is that we already have billions of dollars’ worth of Bitcoin. Let’s make it work for us, let’s make it grow, and let’s make it protect us early in the game. We led the world in flight, in the race to the moon, and now we’re working to make America a leader in artificial intelligence, and we should do the same with Bitcoin. We need to show the world that we are the home of the future of financial innovation.

I’ve previously explained the importance of Bitcoin and other cryptocurrencies to folks around the country—people I call “Toby and Edith.” We need to make them understand that this is not just about gambling on penny stocks, and that embracing Bitcoin like gold will level the playing field for families and small businesses: allowing them to grow.

Right now, this issue is relatively nonpartisan, whether because people are indifferent to learning the ins and outs of Bitcoin or simply because the concept is so new, but this presents an opportunity for us to educate folks in Washington and across the country about the benefits of building a strategic Bitcoin reserve.

Going hand-in-hand with education is ensuring our regulatory framework encourages innovation and economic growth. We want to get it right the first time. Drawing on my experience as a digital asset regulatory oversight officer on the Senate Agriculture Committee, I intend to engage in substantive discussions, work with the CFTC to build a pro-growth regulatory framework, and clarify the boundaries between the CFTC and the SEC with respect to jurisdictional oversight of digital assets.

I look forward to a broader embrace of Bitcoin in Washington and beyond, and to a belief in its potential to keep our nation safe and prosperous. We all have work to do. I will roll up my sleeves and do everything I can to make President Trump’s vision for Bitcoin a reality.