House Republicans Warn That Bitcoin Weakness Benefits China

Three members of Congress positioned digital asset regulation as a matter of national security and economic competition during a panel discussion at The Bitcoin 2026 Conference in Las Vegas on Monday.

Reps. Mariannette Miller-Meeks (R-Iowa), Zach Nunn (R-Iowa), and Mike Lawler (R-N.Y.) spoke on “The Bitcoin Bloc: A New Force in American Politics,” moderated by Faryar Shirzad, Chief Policy Officer at Coinbase.

Miller-Meeks described Bitcoin as “financial democracy” and linked cryptocurrency adoption to America’s 250th anniversary, framing support for digital assets as patriotic. She cited the Chinese Communist Party as a threat and characterized crypto policy as a national security issue.

The Iowa congresswoman shared her background working through medical school and highlighted Bitcoin’s potential to protect women experiencing domestic abuse or violence. 

She said digital assets can provide women with resources beyond government reach, citing Canada’s trucker protest as an example of government intervention in financial accounts. Miller-Meeks acknowledged that older Americans express concerns about digital asset safety.

Chinese is driving bitcoin policy urgency

Both Miller-Meeks and Nunn emphasized competition with China as a driver for U.S. crypto policy. Miller-Meeks stated that China continues to pursue leadership in the digital asset sector but said the United States remains the best environment for innovation.

Nunn warned that failing to advance American leadership in Bitcoin and digital assets creates national security risks. He called for holding China accountable and said losing the November midterm elections could reverse 18 months of legislative progress, allowing adversaries to gain ground while the U.S. falls behind.

“Decisions and elections have consequences,” Nunn said, pointing to specific anti-crypto Democrats as he discussed the stakes of the upcoming midterm elections.

Nunn highlighted progress in Congress and the crypto sector, noting that the SEC under former Chair Gary Gensler imposed fines in the millions of dollars for violations involving concepts Gensler did not understand. Gensler was fired earlier in the Trump administration.

Lawler referenced the GENIUS Act as a positive step but said Congress must establish a comprehensive federal regulatory framework. 

He cited Treasury Secretary Scott Bessent’s op-ed in The Wall Street Journal and stated that passing regulatory clarity will position America at the forefront of the digital asset space. Lawler said SEC regulations should serve the crypto industry’s best interests.

As a New Yorker, Lawler said he wants the crypto industry to remain in New York and feel secure operating in the state.

The ‘double taxation’ of bitcoin mining

Nunn criticized double taxation on Bitcoin mining operations, questioning why the U.S. taxes Bitcoin mining differently than other forms of asset extraction. He said excessive taxation drives innovation to other countries and emphasized the need to avoid making it difficult to conduct business in the United States.

The panel discussion reflected a broader shift in congressional Republican attitudes toward digital assets, with lawmakers framing crypto policy through the lens of geopolitical competition and individual financial freedom rather than consumer protection or financial stability concerns that dominated earlier regulatory debates.