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

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

The United States is envied by the world, and its foundation lies in our unparalleled economic strength, as well as the dominant status of the dollar as the preferred currency. However, in recent years, our dominance has been weakened. Whether due to the negligence of previous administrations or economic aggression from rivals, other forms of currency have emerged, attempting to replace the dollar. Consequently, our ability to leverage the capacities of U.S.-backed financial institutions has also diminished. Attempts to undermine our currency’s dominance have led to a fragmentation of the global financial system and marked a decline in America’s global influence.

In addition, our national debt has become a heavy financial burden, threatening our ability to maintain our status as the world’s only superpower. Now, the national budget we use to pay interest on the national debt has exceeded expenditures on essential services and social welfare. This situation must stop.

President Trump has a bold vision for our country - he has been skillfully and swiftly putting it into practice. The cornerstone of his vision is to reshape the monetary dominance of the United States, rebuild long-term stable conditions, and reaffirm our reliability on the world stage.

The President’s executive order on establishing a strategic Bitcoin reserve should serve as a nonpartisan pragmatic measure to restore America’s leadership. The President understands that Bitcoin can be used in a similar way to how we use gold to back the dollar. Bitcoin is an appreciating asset that has the potential to reduce our national debt over the years, or even eliminate it entirely. The President sees its potential and hopes we can leverage it for the benefit of the nation.

In alignment with the presidential executive order, I co-sponsored a bill drafted by Wyoming Senator Cynthia Lummis, aimed at codifying the initiatives launched by the president through his visionary executive order into law. The prosperity of financial markets relies on certainty and stability, and so does Bitcoin. By enshrining the president’s executive order into law, we achieve this goal: providing stability for initiatives aimed at helping us enhance 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 help it grow, and let’s have it protect us from the early stages of the game. We are leading the world in aviation, in the space race to the moon, and now we are striving to make America a leader in the field of artificial intelligence, and our attitude towards Bitcoin should be the same. We need to show the world that we are the birthplace of future financial innovation.

I have previously explained to the domestic public—whom I refer to as “Toby and Edith”—the importance of Bitcoin and other cryptocurrencies. We need to make them understand that this is not just gambling on low-priced stocks; embracing Bitcoin like embracing gold will create a fair competitive environment for families and small businesses, allowing them to grow and thrive.

Currently, this issue is relatively non-partisan, whether because people are indifferent to understanding the ins and outs of Bitcoin or simply because the concept is too new. However, this provides us with an opportunity to teach people in Washington and across the country about the benefits of establishing strategic Bitcoin reserves.

Complementing education is ensuring that our regulatory framework encourages innovation and economic growth. We want to get this right the first time. Drawing on my experience overseeing digital asset regulation on the Senate Agriculture Committee, I intend to engage in substantive discussions to work with the Commodity Futures Trading Commission (CFTC) to build a growth-friendly regulatory framework and clarify the boundaries between the CFTC and the SEC in the regulation of digital asset jurisdiction.

I expect both inside and outside Washington to recognize Bitcoin and believe it can ensure the security and prosperity of our nation. We all have work to do. I will roll up my sleeves and do my best to make President Trump’s vision for Bitcoin a reality.