Beautiful Virgin Islands

Tuesday, Sep 16, 2025

US Lawmaker Warns Treasury Secretary and Fed Chair Not to Ignore Bitcoin or America Will Fall Behind

US Lawmaker Warns Treasury Secretary and Fed Chair Not to Ignore Bitcoin or America Will Fall Behind

Congressman Kevin McCarthy has urged Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell not to ignore bitcoin like they have been trying to do. He believes it is the future, emphasizing, “I do not want America to fall behind” other countries.
Government and the Fed Should Not Ignore Bitcoin


GOP leader Kevin McCarthy talked about bitcoin in an interview with CNBC last week. Congressman McCarthy serves California’s 23rd district and is currently the Republican leader in the U.S. House of Representatives.

He was asked specifically if he thinks that Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell have a good understanding of digital currencies or bitcoin given their recent comments and what advice he has for them.

A longtime proponent of bitcoin, McCarthy said in July 2019, “I like bitcoin” and the security of the blockchain technology behind it. Reiterating his view on bitcoin back in 2019, the congressman replied, “I was right then and I’m right now,” elaborating:

"I think they tried to ignore it to make it go away. I think Jamie Dimon will tell you that from the beginning he was wrong. This is moving toward the future. They should not ignore it."


JPMorgan CEO Jamie Dimon called bitcoin a “fraud” that is “worse than tulip bulbs” in 2017. His bank has come a long way since then. Today, JPMorgan says it sees massive institutional demand for bitcoin and has launched a crypto investment product tracking public companies with bitcoin exposure.

Federal Reserve Chair Powell and Treasury Secretary have not warmed up to bitcoin. Powell said last week that cryptocurrencies are “vehicles for speculation.” He claimed that “They’re not really being actively used as payment,” despite a growing list of companies accepting them for payment, including Elon Musk’s Tesla. Treasury Secretary Yellen shares a similar sentiment. She called bitcoin was a “highly speculative asset” in February, asserting that it was not “widely used as a transmission mechanism” and was an “extremely inefficient way of conducting transactions.” Yellen also warned that the misuse of cryptocurrencies is a growing problem, noting that cryptocurrencies are mainly used for illicit financing.

McCarthy additionally said during last week’s interview that regarding bitcoin and cryptocurrencies, Treasury Secretary Yellen and Fed Chair Powell “should not only learn more about it but the basis is going to continue to grow.” He further opined:

"This is something that those who regulate, those who are in government that make policy better start understanding what it means for the future."


The congressman emphasized that “other countries are moving forward” in the area of digital currencies. “I do not want America to fall behind. I want the next century to be ours. That’s why I want to look forward, not backward, and not keep my head in the sand,” the lawmaker concluded.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
U.S. and Britain Poised to Finalize Over $10 Billion in High-Tech, Nuclear and Defense Deals During Trump State Visit
China Finds Nvidia Violated Antitrust Laws in Mellanox Deal, Deepens Trade Tensions with US
US Air Force Begins Modifications on Qatar-Donated Jet Amid Plans to Use It as Air Force One
Pope Leo Warns of Societal Crisis Over Mega-CEO Pay, Citing Tesla’s Proposed Trillion-Dollar Package
Poland Green-Lights NATO Deployment in Response to Major Russian Drone Incursion
Elon Musk Retakes Lead as World’s Richest After Brief Ellison Surge
U.S. and China Agree on Framework to Shift TikTok to American Ownership
London Daily Podcast: London Massive Pro Democracy Rally, Musk Support, UK Economic Data and Premier League Results Mark Eventful Weekend
This Week in AI: Meta’s Superintelligence Push, xAI’s Ten Billion-Dollar Raise, Genesis AI’s Robotics Ambitions, Microsoft Restructuring, Amazon’s Million-Robot Milestone, and Google’s AlphaGenome Update
Le Pen Tightens the Pressure on Macron as France Edges Toward Political Breakdown
Musk calls for new UK government at huge pro-democracy rally in London, but Britons have been brainwashed to obey instead of fighting for their human rights
Elon Musk responds to post calling for the murder of Erika Kirk, widow of Charlie Kirk: 'Either we fight back or they will kill us'
Czech Republic signs €1.34 billion contract for Leopard 2A8 main battle tanks with delivery from 2028
USA: Office Depot Employees Refused to Print Poster in Memory of Charlie Kirk – and Were Fired
Proposed U.S. Bill Would Allow Civil Suits Against Judges Who Release Repeat Violent Offenders
Penske Media Sues Google Over “AI Overviews,” Claiming It Uses Journalism Without Consent and Destroys Traffic
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
French Debt Downgrade Piles Pressure on Macron’s New Prime Minister
US and UK Near Tech, Nuclear and Whisky Deals Ahead of Trump Trip
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
Anesthesiologist Left Operation Mid-Surgery to Have Sex with Nurse
Tens of Thousands of Young Chinese Get Up Every Morning and Go to Work Where They Do Nothing
The New Life of Novak Djokovic
The German Owner of Politico Mathias Döpfner Eyes Further U.S. Media Expansion After Axel Springer Restructuring
Suspect Arrested: Utah Man in Custody for Charlie Kirk’s Fatal Shooting
In a politically motivated trial: Bolsonaro Sentenced to 27 Years for Plotting Coup After 2022 Defeat
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Turkish authorities seize leading broadcaster amid fraud and tax investigation
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
ChatGPT CEO signals policy to alert authorities over suicidal youth after teen’s death
The British legal mafia hit back: Banksy mural of judge beating protester is scrubbed from London court
Surpassing Musk: Larry Ellison becomes the richest man in the world
Embarrassment for Starmer: He fired the ambassador photographed on Epstein’s 'pedophile island'
Manhunt after 'skilled sniper' shot Charlie Kirk. Footage: Suspect running on rooftop during panic
Effective Protest Results: Nepal’s Prime Minister Resigns as Youth-Led Unrest Shakes the Nation
Qatari prime minister says Netanyahu ‘killed any hope’ for Israeli hostages
King Charles and Prince Harry Share First In-Person Moment in 19 Months
Starmer Establishes Economic ‘Budget Board’ to Centralise Policy and Rebuild Business Trust
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Brazilian police say ex-President Bolsonaro had planned to flee to Argentina seeking asylum
Trinidad Leader Applauds U.S. Naval Strike and Advocates Forceful Action Against Traffickers
Kim Jong Un Oversees Final Test of New High-Thrust Solid-Fuel Rocket Engine
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Supreme Court temporarily allows Trump to pause billions in foreign aid
Charlie Sheen says his father, Martin Sheen, turned him in to the police: 'The greatest betrayal possible'
Vatican hosts first Catholic LGBTQ pilgrimage
×