#cryptos #cryprocurrency #Congress #bitcoin #Fed #SEC
“Last week Congress gave cryptocurrencies the gift of recognition, the future is bright!”–Paul Ebeling
The infrastructure bill passed the Senate with a cryptocurrency provision, allowing it to then go to the House of Representatives where there was little opposition. Then to the Oval Office to be signed into law Saturday.
More millions people are now aware of the crypto industry and have begun investing in it thus triggering a new Bull market.
We now see that the USA, the world’s richest nation and an influencer of all nations to some extent takes cryptocurrency seriously and even legitimizes it by discussing it in the highest levels of power in the US government.
Simply talking about Bitcoin in the Senate from famous senators such as Elizabeth Warren, regardless of whether it’s negative, brings legitimacy to the industry. We lost this round, but Congress gave the cryptocurrency industry a ‘gift of recognition’ and validity.
The good news is that the US government has indirectly legalized cryptocurrencies even before this bill passed through the House of Representatives.
In October, Securities and Exchange Commission Chairman Gary Gensler said that the regulator would not follow China’s lead on banning digital assets and instead of that the government’s priority is on ensuring that the industry follows investor and consumer protection rules, anti-money laundering regulations and tax laws.
Mr. Gensler’s remarks echo those of Fed Chairman Powell, who said during a 30 September 2021, congressional hearing that he had “no intention” of banning cryptocurrencies. All this news has helped strengthen the crypto industry not only in America but also across the world.
Now that we know that the US government has no intention of banning the crypto industry, the provisions in the infra bill and rules coming from other regulators demonstrate that they are trying to regulate it, make it safe for consumers and even embrace cryptocurrency.
The US government is trying to capture the Northsides of this exciting industry and manage the Southsides, such as taxing digital assets to help pay for brand new infrastructure, which will help further build the country’s economy.
So, now At crypto exchanges and other players have clear rules, taking them out of the gray area into clear and transparent regulations.
Have a prosperous day, Keep the Faith!