Will the US Take a Strong Stance on Bitcoin Regulation?

Will the US Take a Strong Stance on Bitcoin Regulation?

  • Tech industry contributes 9.3% to the US economy.  
  • 33257 Bitcoin (BTC) ATMs are installed in the nation.

The United States is the largest base for numerous tech companies, making the nation the giant tech base. As per the report from CompTIA, an American trade association, the US tech industry raised revenue of $1.8 trillion USD. The nation now harbors nearly 507,000 tech businesses.

Federal Reserve Chairman Jerome Powell raised up the interest rates to combat the hyperinflation and thereby the monthly inflation rate rose up to 8.3% in April. Moreover, the overall interest rate recorded is the highest in the past 22 years. 

The policymakers have prioritized the need to stabilize the prices and the market volatility.  When it comes to crypto adoption, the government prefers the stable Central Bank Digital Currency (CBDC) over the private sector-administered digital assets.

Federal organizations such as the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) continue to scrutinize the adoption of the high-risk crypto coin, Bitcoin. 

Gearing Up for Crypto Regulation

The US, the leading ‘crypto-ready’ country, reported the first real-time bitcoin transaction in 2010. A Bitcoin miner from Florida purchased pizzas with 10,000 BTC. According to Coin ATM Radar, an online directory of BTC ATMs, 33261 Bitcoin (BTC) ATMs reside in the country with Los Angeles holding the highest number (1952).

On March 10, regulatory guidance from the US Department of Labor (DOL) warned the citizens about crypto investments. On Friday, a Floridian Representative, Byron Donalds, released the “House Companion” of Senator Tommy Tuberville’s Financial Freedom Act to allow investors to invest cryptocurrencies in 401(k), private-sponsored retirement accounts.

From establishing Texas Blockchain Council to transforming Dallas into the epicenter of the US for bitcoin mining, the native crypto-community has been pro-bitcoin.

Bruce Fenton, a running candidate for the US Senate commented: 

“If you have $100, $50 or $20…don’t send it to me, buy Bitcoin! No politician can save you from the melting ice cube of fiat and I can’t either.”

A famous bitcoin advocate, Dennis Porter, added that providing a potential regulatory environment for the Bitcoin industry can power up the nation’s recovering economy.

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