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- Grand Old Party House Republicans started accepting cryptocurrency donations
- The move is a part of a broader campaign of retaking the House majority
- Republicans are examining every avenue to stop Nancy Pelosi’s socialist agenda
The Grand Old Party (GOP), as the Republicans are referred to, will start accepting cryptocurrencies like Bitcoin and Ether through BitPay, which will allow the crypto tokens to be converted into US dollars.
Move part of a broader campaign of retaking the house majority
In a veritable U-Turn, The GOP House Republicans started accepting cryptocurrency donations. In a statement, the National Republican Congressional Committee, or NRCC, said that the Republicans would begin receiving cryptocurrency as donations. The move is a part of a broader campaign of retaking the House majority and stop Democrats from having a free run while pursuing their policy schedule.
Pursuing every avenue possible for retaking majority NRCC chairman Tom Emmerson
The National Republican Congressional Committee chairman Tom Emmerson stated that the NRCC is very proud to accept cryptocurrencies campaign contributions. Emmerson adds that the Republicans are pursuing every avenue possible for stopping Nancy Pelosi’s socialist agenda and retaking the House majority.
Cryptocurrency will help provide republicans the resources to succeed in their mission.
National Republican Congressional Committee chairman Tom Emmerson described cryptocurrencies as an innovative technology will help provide republicans the resources to succeed in their mission. The GOP will accept donations in Bitcoin or other currencies via BitPay, one of the leading digital payment processors. Cryptocurrencies that are received via BitPay can be converted immediately into dollars.
Trump Administration was hard on Cryptocurrency
The House of Republican cryptocurrency Saga comes a full circle since the party in its recent history has been hostile towards the concept of cryptocurrency and digital assets. In the tenure of Donald Trump, the President had even asked his Treasury secretary to “go after Bitcoin.” Not content with that, the outgoing President gave a parting shot to the digital token industry. In late 2020, in its final moments in office, it had put forth harsher regulations on self-custodied wallets.
However, there is no shortage of support for Bitcoin or other cryptocurrencies, and a living example is Libertarian Rand Paul, a senator from Kentucky who began accepting Bitcoin payments in 2015.
US Democrats have also adopted a hostile attitude towards cryptocurrency. Sen. Elizabeth Warren went to the extent of calling Bitcoin Bogus Digital Private Money. However, Democrats have started accepting that Cryptocurrencies are here to stay and cannot be wished away.
New task force to study cryptocurrency
A new task force has been formed, and it will look into the finer aspects of cryptocurrencies. Rep. Maxine Waters, who serves as chairwoman of the House Financial Services Committee, announced that the group would have discussions with regulators and experts and understand a poorly regulated industry.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
