The US Senate recently met with strong industry experts regarding the issue of cryptocurrencies. The legislature asked if cryptos pose a threat to the United States government and how the industry can be regulated. The experts explained that the digital assets are not a threat to the government while suggesting that regulations are necessary to keep the industry in line.
FinCEN proposed regulations for crypto wallets some months ago, but due to the absence of some required procedure, the bill was shelved for some time. But the US is finally holding some grounds, and it’s very likely that new rules would come into place. This development instigated the blockchain group to discuss with executives regarding the regulations.
Crypto group wants US government to see benefits in blockchain
The tenure change in America might bring positive new changes for the blockchain and crypto industry as many major leaders are known to have a crypto-friendly outlook. People believe that the leaders would work with the government to bring crypto-friendly regulations, which would hasten adoption in one of the globe’s largest economies.
America has a large crypto market, as many exchanges have their headquarters within the North American country, meaning that regulations could significantly affect blockchain’s future. The blockchain association wants to meet with the US treasury department to convince them to support blockchain benefits within the region.
Also read:The group’s move might be essential for making the new Biden administration see the importance and value of blockchain in America and the global community. The group is worried about the coming regulations, and they want the new leaders to make crypto-friendly regulations that would help the industry in the long-run. They informed the public that they had met some officials in the department but would likely meet more as new people have joined the team.
Group plans to meet with Janet Yellen
Digital assets’ growth has led to more controversies as governments and individuals agitate for industry regulations. Many world leaders believe cryptos are mainly used for terrorism financing and illegal activities, but the group explained that cryptos have lots of benefits to add to public life.
The group says it would schedule a meet-up with the department to have an open-minded outlook on cryptocurrencies. Experts believe that cryptos are the future and help make payments easier, especially across borders. The blockchain association would likely meet with Janet Yellen, the US Treasury secretary, to facilitate the process.
The group’s executive director, Kristin Smith, said the association’s present mission is to convince the secretary, Janet Yellen. The group wants the secretary to know some added benefits to crypto use. Many countries are starting to understand the growing demand for digital assets as Indian citizens stood against the crypto ban.
The Asian country might be reconsidering the prohibition it has previously proposed as the executives are willing to leave some cryptos to make room for experiments. Although adoption might be slow for some parts of the world, it’s inevitable as Central Bank Digital Currencies use blockchain tech to operate and run effectively.
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