The US takes the lead in crypto running
In the fall of 2021, the cryptocurrency and blockchain industries will be overwhelmed with excellent news. The price of the main crypto coin climbs high, altcoins are following this tendency, and news backgrounds only contribute to this. But what are the legislative regulations and legal status of cryptocurrencies in the USA? This article will tell you about the situation around cryptos in America and why many experts believe that the USA will become a leader in the crypto sphere and blockchain technologies.
The hearing of the House Committee on Financial Services took place on 6 October 2021. During this, Gary Gensler, the Chairman of the Securities and Exchange Commission (SEC), stated that the supervisor is not going to prohibit cryptocurrencies, possibly clearing the door for the world’s largest economy to become a global leader in the development of DeFi and blockchain innovations. Gensler, who taught a cryptocurrency course at the Massachusetts Institute of Technology, also stated that the Securities and Exchange Commission does not have jurisdiction over digital currency restrictions and that the only approach to lawfully prohibit technological resources is through Congress. According to Gary Gensler, “It’s a matter of how we get this field within the investor consumer protection that we have and also working with bank regulators and others — how do we ensure that the Treasury Department has it within Anti-Money Laundering, tax compliance.”
According to all listed above, we can conclude that the USA is not going to restrict cryptocurrency on the legislative level. Moreover, the government intends to let crypto assets grow and, also, regulate this industry. Therefore, The SEC’s move followed after US Federal Reserve Chair Jerome Powell stated in testimony before Congress on September 30 that the regulator has no intentions to prohibit Bitcoin and other cryptocurrencies. Controllers in the United States are incorporating the digital money business into their monetary framework, allowing the existing financial structure to coexist with a new and quickly expanding decentralized monetary system.
This might position the United States as a leader in financial technology development, blockchain innovation, and even more unusual decentralized monetary mechanisms including protection, exchange finance, and support mobilization. Administratively, the local cryptocurrency division and the United States government should do a lot of effort to figure out where their advantage shifts and how they can function with a higher workload.
Taking into account all cryptocurrency prospects and advantages, we could not help mention that this type of market is extremely volatile and it is not subject to advise. Therefore, we strongly believe that you should make your decisions based only on your feelings and experience. However, this may be complicated at times since it is not always evident how the cryptocurrency market works. As a result, the bit4you trading platform is glad to provide you with its Demo mode: feel free to trade with $100,000 virtual money without concern and make your transactions with confidence. Learn about the advantages of newly listed cryptocurrencies such as Polygon, Fantom, Terra Luna, and others. You will discover all you need to know about each currency featured on the website, as well as numerous strategies and indicators, as well as personalities that influence the crypto world, in the unique educational section bit4you Academy. Furthermore, the most recent news from the crypto sphere and blockchain technologies will keep you up to date at all times. On the bit4you trading platform, you may trade with excitement!
Valentina BEREZA, Team bit4you