Quote from: AverageGlabella on July 01, 2021, 05:24:37 PM

Quote from: Darker45 on July 01, 2021, 04:14:16 AM

However, at the very least, it is worth appreciating that there are hearings such as this, even if it is just on a relatively small subcommittee level. At least, democratic processes are still working. Moreover, reliable resource persons were invited, given ample amount of time to elucidate on contentious issues regarding Bitcoin and crypto, which probably made a lot of less-informed lawmakers realize the real score.

While the committee may generally be considered technologically incompetent, it has also showcased certain members of congress such as Rep. Anthony Gonzalez and Rep. Warren Davidson who appeared to be objective in appreciating Bitcoin as an emerging financial technology.

I don't think there is much to celebrate or appreciate here. These meetings are done for very small things so I would expect Bitcoin or cryptocurrencies to at least have a hearing. We have to remember that the government will probably be more hostile to Bitcoin than friendly and it does not really matter who they invite to the discussions. It is within their interest to recognize Bitcoin as an emerging financial technology since they currently profit from it. They are in full control and can apply more strict regulations whenever they want. This is why I think these kind of meetings regarding Bitcoin will be conducting on a routine basis.

Compare that to a blanket ban on the basis of unfounded assumptions which is what is probably happening in other countries, or even in the US in the earliest years of Bitcoin. A hearing in congress where Bitcoin advocates and evangelists are given time to speak and enlighten the officials, where fellow congressmen debate with each other for or against the technology, is already something worth appreciating.

The moment the government wants to profit from Bitcoin is the moment the government becomes friendly to Bitcoin. At the very least, it is an acknowledgment of Bitcoin as a neutral technology rather than just a criminal's tool.