Republican House leader says regulators shouldn't ignore bitcoin's growth

The Republican leader in the U.S. House of Representatives argued on Tuesday that regulators can't ignore bitcoin anymore.

In an interview with CNBC, Congressman Kevin McCarthy (R-CA) said the base behind crypto is only going to continue to grow.

Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell have been cautious in their approach to crypto. When asked about that approach, McCarthy said regulators previously tried to ignore crypto to make it go away. Now, the ecosystem has grown to a place where they'll have to take a closer look than they have in the past.

"Those who regulate, those who are in government that make policy better start understanding what it means for the future because other countries are moving forward, especially China," he said.

McCarthy has previously spoken out on crypto issues, advising the government to research how blockchain could improve governmental work. He also took to CNBC in 2019 to say he liked the decentralized nature of bitcoin, but that it was not yet where it needed to be in terms of combatting illicit finance.