In the US, news about Bitcoin (BTC) is usually about opposition from Congress. However, for the first time, the latest hearing also saw an acknowledgement from the US lawmakers that the cryptocurrency is not in their control.
Patrick McHenry, the lawmaker representing North Carolina’s 10th District, divulged that attempt to create hurdles for Bitcoin was not successful.
McHenry said “The world that Satoshi Nakamoto, author of the Bitcoin whitepaper envisioned, and others are building, is an unstoppable force.”
McHenry’s views are totally in contrast to other Congressmen who are grabbing limelight over Bitcoin with wild claims, the latest one being Brad Sherman who made unproved claims about the use of Bitcoin in crime.
Several other lawmakers who spoke ill of the crypto seem to have no clear idea about Bitcoin and other permissioned virtual currencies. McHenry, however, categorically stated that Bitcoin will remain irrespective of whether there is legislation or not. Furthermore, he opined that Bitcoin cannot be obliterated, and if there is a way, it would have been annihilated in 2009 itself.
McHenry further said “We should not attempt to deter this innovation; governments cannot stop this innovation, and those that have tried have already failed.”
Especially, the Congressional proceedings arose as other countries are holding the first version of their Bitcoin as well as other cryptocurrencies legislation at the moment. Noticeably, India affirmed this week that it was drafting formal rules following a controversy concerning what some had interpreted as a bill prohibiting cryptocurrency completely.
The circulated draft of the bill, which advocated Bitcoin imprisonment to cryptocurrency investors, caused outrage among crypto enthusiasts with billionaire investor Tim Draper calling the Indian government “pathetic and corrupt.”
