TL;DR
Bitcoin companies are being unfairly denied basic banking services like payroll and bill payment. U.S. states have an opportunity to support this emerging industry by passing laws that allow bitcoin companies to operate. This will attract investment and jobs while protecting Americans’ rights.
The State’s Role in Nurturing the Bitcoin Ecosystem
U.S. states have traditionally served as “laboratories of democracy,” pioneering policies that are later adopted at the federal level. The cannabis legalization movement used this model effectively. By appealing to states’ interest in tax revenue and economic growth, cannabis advocates were able to rapidly change laws across the country.
Bitcoin companies are now facing denial of basic banking services, hampering growth. However, states can support the fledgling bitcoin industry in the same way as the cannabis industry. They can highlight that bitcoin mining and financial services bring investment, create quality jobs, provide tax revenue, and enhance energy infrastructure. Protecting companies’ ability to operate removes uncertainty and builds confidence.
Leading the way at the state level also limits the risk from potential federal overreach. If the federal government attempts to restrict Americans’ access to bitcoin in the future, pro-bitcoin states can resist assisting with enforcement. Creating a critical mass of bitcoin-friendly states will make nationwide repression impractical.
The Texas Example: A Beacon of State Assertion
Texas’ recent actions, asserting its rights in matters of immigration and border control, provide an instructive parallel to the potential role of states in the Bitcoin domain. Just as Texas has challenged federal policies to protect its interests, states can similarly assert their authority to safeguard and promote the Bitcoin industry. This stance not only demonstrates the enduring relevance of state powers but also underscores the potential for states to shape the trajectory of digital currency regulation and adoption.
The Path Forward
Changing minds through patient education is key. Producing rigorous research on bitcoin’s benefits allows lawmakers to confidently embrace sensible policies. Building relationships and validating benefits as an honest advocate rather than a profit-seeking lobbyist lends credibility.
Appealing to lawmakers’ self-interest can also be persuasive. For example, highlighting how small allocations to bitcoin could help shore up woefully underfunded public pensions provides a compelling case for change.
Collaborating across party lines shows bitcoin need not be a partisan issue. The technology’s transparency and ability to curb inflation serve goals that transcend ideology.
Americans deserve the freedom to benefit from bitcoin’s digital property rights and censorship resistance. U.S. leadership in this critical new domain of innovation will enable everyone to share in the upside. The future remains unwritten – through constructive state-level alliances, we can help write a bright one
Thank you for reading “States Can Lead the Way for Bitcoin“.
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Sources:
- Crypto Industry Helps Write, and Pass, Its Own Agenda in State
- Policy Adoption, Innovation, and Performance Management
- Bitcoin and the banking system: Slammed doors and legacy flaws
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