Beautiful Virgin Islands

Tuesday, Jul 22, 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
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
Microsoft, US Lab to Use AI for Faster Nuclear Plant Licensing
Trump Walks Back Talk of Firing Fed Chair Jerome Powell
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Irish Tech Worker Detained 100 days by US Authorities for Overstaying Visa
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
×