China’s Crypto Crackdown is an Opportunity for the US, Says Senator Pat Toomey

Following today’s events, Senator Pat Toomey says that the ongoing cryptocurrency crackdown in China is a considerable opportunity for the United States.

• Earlier today, reports revealed further regulatory pressure on cryptocurrencies in China. This time, the country seems to target mining and trading.
• Although not many of it was new, the announcement triggered a market-wide pullback, sending Bitcoin down to slightly above $40K.
• Senator Pat Toomey, representing the state of Pennsylvania, said that this might be a big opportunity for the US.

China’s authoritarian crackdown on crypto, including Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage of China.

• The politician also said that Beijing is “so hostile to economic freedom they cannot even tolerate their people participating in what is arguably the most exciting innovation in finance in decades.”
• Senator Toomey argued that economic liberty is the cornerstone of growth and a higher standard of living for everybody.