Crypto Community Reacts to US Lawmakers’ Debate on Bitcoin and Digital Currencies

Lawmakers in the US House of Representatives Financial Services Committee just wrapped up a hearing on Bitcoin and cryptocurrency. You can watch the full session here.

The discussion featured some key moments that the crypto community was quick to call out:

“We should remove capital gains tax on cryptocurrency purchases.” -Dr. Michel ??? #BTC #Bitcoin #TRX #Tron #ETH #Ethereum #CryptoCongress pic.twitter.com/RPmAlIJjy6

— Tron Chan (@LittleTronChan) July 18, 2018

“Yes it is true that criminals have used bitcoin, but criminals have also had used airplanes, computers, & automobiles. We shouldn’t criminalize any of those instruments simply because criminals have used them.”

–@norbertjmichel at today's @FinancialCmte #CryptoCongress hearing

— Coinme (@Coinme) July 18, 2018

@BradSherman "Cryptocurrencies are a crock… they allow a few dozen men in my district to sit in their pyjamas on their couch all day, and tell their wives they are going to be millionaires" ??? This quote won't age well.

— Erik (@erikwray) July 18, 2018

US Congressman @BradSherman should be terminated for ignorance and lack of understanding how technology has shaped humanity for good and will continue to do so. #CryptoCongress pic.twitter.com/VHqdCLcv9w

— Neeraj Thakur ? (@NeerajT4) July 18, 2018

LOL this guy @BradSherman just said this at the #CryptoCongress hearing. The only way to stop anyone from buying #cryptocurrencies is to shut off the internet. Good luck with that sir! pic.twitter.com/4Isz65W2XH

— TheCoinDad (@TheCoinDad) July 18, 2018

Dr. Norbert Michel: "Competitive market forces can improve the means of payment in the same way that market forces improve virtually all goods and services, and Congress should not protect the Federal Reserve from those competitive forces." #CryptoCongress @Heritage

— Zachary Figueroa, Esq. (@ZacharyFigueroa) July 18, 2018

Congressman Bill Foster adds: I hope to hear not only about cryptocurrencies … but also digital fiat currencies. I am concerned that if a central bank had the ability to issue a digital currency, it could supplant the dollar around the world. #CryptoCongress

— Veki (@Veki551155) July 18, 2018

When asked by Chairman Barr whether bitcoin volatility would decline based on adoption rate, Garratt and norbertjmichel responded with a resounding “yes.” Michel adding that, “The way bitcoin is set up has a lot do with its own volatility.” #CryptoCongress

— Bitcoincorner (@bitcoincorner) July 18, 2018

The fact that #cryptocurrency is being discussed by US Congress is a positive for the future of #cryptocurrency not minding what resolution they come up with, they have helped increase awareness about cryptocurrency. Time for #advocates to drive in adoptions #CryptoCongress

— Awosika Israel Ayodeji (@Ebunayo08) July 18, 2018

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