We have good news from the US about the cryptocurrency industry this month, and more good news is likely to come later this fall. On October 6, Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), confirmed during a hearing at the House of Representatives Financial Services Committee that the regulator would not ban cryptocurrency, potentially paving the way for the world’s largest economy to go global. … … Pioneering development of decentralized finance (DeFi) and blockchain technologies.

Gensler, who taught a course on cryptocurrency at MIT, said that banning cryptocurrencies is outside the purview of the Securities and Exchange Commission, and the only way to legally ban digital assets is through Congress. “This is a question of how we get the consumer protection area for the investor that we have, besides working with banking regulators and others – how can we ensure that the Treasury has this under AML, tax compliance,” Gensler said. He also added:

“Many of these tokens have already been verified to be an investment contract, banknote, or security.”
US Regulators Will Not Ban Cryptocurrency
The SEC announcement came after US Federal Reserve Chairman Jerome Powell said on September 30 that the regulator had no plans to ban Bitcoin (BTC) and other cryptocurrencies while testifying in Congress. Asked if he intends to “ban or restrict the use of cryptocurrencies,” Powell replied, “No, I’m not going to ban them.”

Most of the media reports I’ve read are under the heading “The United States Doesn’t Want to Ban Cryptocurrencies.” This is true, but it also means something more important: the United States will grow cryptocurrencies and engage the public in discussions on how best to regulate the industry.

When the world’s largest economy announces that it will allow cryptocurrency to coexist with the existing financial industry – with proper regulation, of course – all other countries should notice and start opening doors and justly regulating an industry that stimulates innovation and helps create new jobs.

US Allows High Dependency Cryptocurrencies
As we have seen, US regulators are integrating the cryptocurrency industry into their financial system so that the traditional banking system can handle a new, fast-growing decentralized financial system. This could allow the United States to become a leader in financial technology, blockchain technology, and even non-traditional parts of decentralized finance such as insurance, trade finance, and fundraising.

Related Topics: Cryptocurrency Crossfire: US Regulators Interested In Crypto Industry

From a regulatory standpoint, the crypto community and the US government still have a lot to do to determine where their interests converge and how they can act more rigorously, thereby making a smart decision together on how to regulate the industry, including stablecoin regulation, in a decentralized manner. exchanges, cryptocurrency derivatives and crop cultivation, just to name a few.

It’s also possible that the Securities and Exchange Commission will approve up to four bitcoin futures contracts this fall, according to a Bloomberg Intelligence tally. On October 3, the analyst established the likelihood that the Securities and Exchange Commission will approve 75% of the Bitcoin ETF, with ProShares and Valkyrie already leading the race, and will receive their approval on October 19 and 22, respectively. …

RELATED: Bitcoin ETF Futures: Good But Not Quite

United States Prepares to Become a Leader in Blockchain Technology
It’s also nice to note that even US lawmakers are buying bitcoins. US Senator Cynthia Loomis announced that on August 16, she amassed the world’s largest cryptocurrency in the amount of $ 50,001 to $ 100,000.

Since the US government does not want to ban cryptocurrencies and US politicians are investing in them, it would be nice if we all re-evaluate our portfolios and take a close look at Bitcoin, Ether (ETH) and other new blockchain technologies.

The United States is clearly indicating that it will incubate and regulate Bitcoin, blockchain technology and other cryptocurrencies that geopolitically cannot be smarter – they are positioning themselves to receive massive foreign investment and attract the best talent on the planet. I expect the United States to become a leader in decentralized finance in the coming years as regulators continue to work with the crypto community to build a sustainable and secure industry.

Source: CoinTelegraph

LEAVE A REPLY