The transcript below is a summarized version of the conversation shared in the video and captures the key points discussed by the participants.

Eleanor Terrett, Crypto in America podcast host, mediates a conversation with Troy Cross, Senior Fellow at the Bitcoin Policy Institute, and Jason Browder, SVP of Government Affairs & Social Responsibility at MARA, during the Bitcoin Policy Summit 2025. The discussion centers on whether U.S. leadership in Bitcoin mining could threaten the network’s decentralization.

Browder asserts that the U.S. should lead in hashrate, energy innovation, and bitcoin adoption. He points to Texas’ recent $10M appropriation for bitcoin and MARA’s public-private partnerships in the UAE and Kenya as steps toward responsible leadership. Cross cautions that dominance is not the goal. If a single jurisdiction controlled the majority of hashrate, it could compromise the Bitcoin network's neutrality and enable censorship. The priority, he says, should be preventing anyone from achieving dominance.

MARA helps strike that balance by operating its own mining pool and encouraging global competition. Decentralized mining, Browder adds, is essential to national strategy, now increasingly recognized in Washington by agencies like the DoD and White House. The conversation also touches on Bitcoin mining’s role in the energy system. Cross highlights miners’ ability to power down during peak demand and ramp up during surplus, making them uniquely valuable for stabilizing grids as renewables scale. No special treatment is needed, he says, just honest energy pricing in open markets.

At the community level, MARA is investing in rural America, from sponsoring local parades to supporting high school robotics clubs. These efforts are shifting public perception and building local support for state-level policies like Strategic Bitcoin Reserve (SBR) legislation. Cross reframes the idea of “winning” in bitcoin: it’s not about control, but cooperation. “To dominate is to lose,” he says. The U.S. can lead, but only by preserving what makes the Bitcoin network resilient: decentralization.

For a deeper policy lens, hear from Fred Thiel on Bitcoin’s Role in Safeguarding U.S. National Security