The crypto industry has been booming with regard to popularity. Just as the world has been embracing the industry, certain lawmakers like the Fed Chairman, Jerome Powell as well as Treasury Secretary Janet Yellen were urged by Kevin McCarthy, the leader of the United States House of Representatives’ Republican party to reconsider their stance on crypto.
Appearing in a recent interview with CNBC’s Squawk Box, McCarthy addressed the ongoing interest in crypto. However, he suggested that the Fed Chairman was ignoring the entire situation hoping for it to go away,
Fed Chair And Treasury Secretary “Tried To Ignore It To Make It Go Away”
When the Republican leader was asked if the aforementioned lawmakers had a good understanding of the crypto industry, particularly Bitcoin, McCarthy was quick to suggest otherwise. He went on to suggest that these lawmakers were reportedly turning a blind eye towards Bitcoin hoping it would go away.
Both Yellen and Fed’s Powell have exerted their hate towards the king coin. While suggested that it was a “growing concern” the other went on to point out that its volatile nature. McCarthy further suggested that the US government should focus on the prospects of the crypto industry.
He added,
“This is moving towards the future. They should not ignore it. They should not only learn more about it, but the basis is going to continue to grow.
Furthermore, China and several other countries have been seen moving ahead in the digital currency space. The Asian country has time and again revealed its inclination towards crypto. While the country is already ahead with the development of its Central Bank Digital Currency [CBDC], the digital yuan, several governments have expressed fear over China’s global financial takeover. Speaking about garnering a setback in this race, McCarthy asserted,
This is something that those who regulate, those who are in government that make policy, better start understanding what it means for the future because other countries are moving forward, especially China.”