Some experts present at the “Money 20/20” conference, organized at the end of October in Las Vegas, mentioned the slowness of the American authorities in setting up a regulation which governs the cryptocurrencies. And yet, it is not the will that is lacking among politicians. If at the beginning of the year, the President of the United States, Joe Biden, announced that he wanted to make crypto-regulation one of his priorities, the vagueness persists in this fourth quarter.
Regulatory clarity at all costs
At the beginning of March, Joe Biden signed a decree which demonstrates its recognition of digital assets and the risks associated with them. In just four years, the digital asset market has grown in volume. Valued at 14 billion dollars in 2017, it represented 3,000 billion in November 2021, underlined the White House.
On the one hand, elected officials in the United States, including Senators Ted Cruz, Kirsten Gillibrand and Cynthia Lummis, have been full of praise for bitcoin. They are also the origin ofa law project aimed at clarifying the legal framework of these digital assets. On the other side of the river, other politicians have rallied in an effort to curb the rise of cryptocurrencies by emphasizing on “ the substantial implications for consumer protection, financial stability, national security and climate risk “.
However, you will have to go through many boxes before you get there: a demand for more transparency for cryptocurrency miners in the United States, an involvement of the United States Treasury in the development of regulations, a clarification of roles the Securities and Exchanges Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The Biden administration finally introduced a crypto-asset trading bill in mid-September, complementing the executive order signed 6 months earlier, reports CNBC.
Clear regulation of cryptocurrencies before 2023?
After the midterm elections, Joe Biden, who narrowly avoided the slap predicted by analysts, will probably focus on the issue of cryptocurrencies. May Zabaneh, PayPal’s vice president of blockchain products, clarified her expectation regarding the regulation of these assets. There needs to be some clarity that comes out, some standards, ideas about do’s and don’ts and some structure around that. Otherwise, this mass adoption will be really inhibited », Relays Ars-Technica.
Kyle Hauptman, vice president of the National Credit Union Administration, also used the Money 20/20 trade show to urge U.S. regulators to de-emphasize concerns about cryptocurrency risks. This attitude would prevent the massive departure of financial and technological partners in the United States whose products and services meet the needs of the younger generations.