Cryptocurrencies have gained huge adoption over the past few years, and more people now recognize them for their various attributes.
Congressman Ro Khanna, who represents Silicon Valley, believes that cryptocurrency is a huge tool for achieving decentralisation. He made this statement during a recent interview with Yahoo Finance.
During the interview, Congressman Khanna pointed out the various benefits of cryptocurrencies. He stated that;
“It’s a huge tool. I mean, what is cryptocurrency? At its core, it’s a technology that allows decentralization, it takes away the need for a third party. You have a ledger, basically, an accounting book that’s public, so you don’t need third-party verification.”
Khanna’s comment doesn’t come as a surprise as he represents a district that houses the headquarters of some of the leading tech companies like Intel and Apple. Silicon Valley is the home of tech innovation in the United States, and crypto is one of the hottest tech creations in recent years.
Khanna was recently appointed to the House conference committee for the America COMPETES Act. The group focuses on promoting legislation to improve the U.S.’s ability to compete with China.
According to Khanna, cryptocurrencies and blockchain technology provides an opportunity to move power away from the financial or big tech centres and structure things in a way that gives more people ownership. He said;
“The COMPETES bill has a down payment on clean energy, in terms of the research and in terms of some of the production, but we need more. That’s why we have to pass the president’s $500 billion climate package to really have a moonshot on renewable energy.”
Cryptocurrencies remain largely unregulated in various parts of the world, including the United States. Khanna believes there are many benefits to be derived from regulating the broader cryptocurrency market. He concluded that;
“There’s a lot of positive, obviously [cryptocurrency] has to be regulated and can’t be exploited for illegal purposes, but overall it’s a positive.”