Dr Garcia recognizes the importance of cryptocurrency to our economy, now and in the future. According to a Pew Research study in 2023, “17% of U.S. adults say they have ever invested in, traded or used a cryptocurrency.” Global crypto use has increased by more than 12,000 percent since 2016.
It is important that the federal government properly regulate crypto and protect consumers. There is promising bipartisan agreement on crypto regulation in Congress, but unfortunately the current administration is resisting these cross-party efforts. And Sen. Maria Cantwell has voted against an important bipartisan crypto oversight bill.
The current chairman of the Security and Exchange Commission (SEC) is seen by many to be unreasonably hostile to cryptocurrency. As a result, Democrats and Republicans have worked and continue to work together to come up with legislation that would provide for robust, sensible federal regulation of cryptocurrency. Dr Garcia supports these efforts.
Earlier this year, Democrats and Republicans in the House & Senate passed a resolution to reverse an SEC crypto rule that members of both parties criticized as excessive and unfair. While many Democrats voted in favor of this measure, Sen. Cantwell voted no. Dr Garcia would have voted yes. President Biden has vetoed the resolution.
If elected, Dr Garcia will join the bipartisan efforts to craft policy on cryptocurrency that balances support for this new aspect of our economy with responsible regulations and oversight.