By Hassan Mehmood (Saudi Arabia)
There has been a massive lack of insight when it comes to regulating cryptocurrency in the US, there have been talks of doing so in the past, but each time either the senate is busy with other matters or doesn’t have enough knowledge to get on the subject. But this time around, it will be different; the new nominee by Biden administration for the Department of the treasury division, Brian Nelson, says that he will prioritize implementing new regulations around cryptocurrency above anything else.
There is an Imminent Need for a Chronic Regulatory Framework for Cryptocurrencies, Says Biden’s Nominee
This is a serious matter that has been delayed a number of times in the past and has led to the slower adoption of cryptocurrencies in the US. Speeding up the implementation of these new regulations means that the security framework of the state around cryptocurrencies, such as Bitcoin, Ethereum, and many more, is complete, and now, those who were reluctant to do so in the past can get into it without any worry in the world. Cryptocurrencies have been used in the past for acts of money laundering and illegal financing, and people were able to do so due to the lack of a strong regulatory framework around cryptocurrencies.
Also read:According to Brian Nelson, it doesn’t matter what kind of currency in question, whether digital or fiat, must oblige with specific regulations and financial laws in place. That is why it is essential to first establish and then implementing dedicated regulations around the use, holding, or transfer of digital money. Also, it is crucial that this type of digital currency be covered by the Bank Secrecy Act, which is good for all the parties involved in a transaction featuring cryptocurrency.
This old topic or project of implementing regulations for cryptocurrency has never been worked with consistency in the past, and it is the main reason why there is no applicable regulatory hold of the state on cryptocurrency and why its adoption in the eyes of many financial enterprises remain questionable still to this date. But Biden’s nominee for the treasury department is adamant that they will be able to change all of that and bring more reforms for the cryptocurrency.
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