The last few weeks have been incredibly tense as America debates the implications of cryptocurrency amendments to a multi-billion-dollar infrastructure bill.
The US Senate is currently debating on how best to handle proposed laws for things like coin mining and ICOs, with some senators even calling them “unethical” or “immoral.”
But experts are starting to question these warnings because they might not be true in their full context; it’s possible there’s no real public outcry over what seems now as an inevitable choice by lawmakers who want crypto banned from being used illegally at all levels of government but also don’t know where else those billions would go instead if this were done away with altogether?
Given how Cynthia Lummis, a US congressional representative and senator of Wyoming went on record saying that “Americans would be happy” about upcoming cryptocurrency laws in the country following increased consumer protection measures.
Such includes prohibiting financial institutions from handling cryptocurrencies until they are compliant with new regulation requirements; indicates there’s been some significant progress being made since this time last year when America was still quite divided over digital assets.
Uncertainty? Let’s Talk Numbers
Elon Musk, CEO of Tesla and founder of SpaceX has recently tweeted that the cryptocurrency ecosystem is in need of a moment to consolidate before picking winners or losers.
To this end, he says it may be best to hold off on any decisions at present time given such uncertainty with regards to taxation policy in the US.
Cryptocurrencies are taking over the world – and yet people don’t seem to be afraid. The numbers prove that there is an increase in adoption, especially when it comes to international users of cryptocurrency. In January 2021, 100 million global users were using cryptocurrencies but now we have increased 220 million more since June this year alone!
Financiers and financial experts weigh in on the latest cryptocurrency market news.
The most recent developments in crypto-currency have left many with divided opinions, but two things are certain: only time will tell if these new changes to bitcoin actually help or hurt its acceptance as a currency; and that there’s never been more interest from financiers looking for digital gold than right now.
“It seems like a lot of US citizens are disappointed in the changes made to this legislation. The new amendment will have minimal impact on non-US entities, but centralized businesses that provide tax reporting such as exchanges and custodial wallets may be able to take care of it,” Quigley, Co-Founder of WAX, commented.
Quigley further adds that “Alternatively, these foreign businesses can ban US citizens from using their platforms. That would be unfortunate for American customers,” Quigley said with a sigh. “But we’ve already seen this happen before: when it comes to crypto exchanges, Americans are denied access to the best global markets.”
How Much Do You Know About Cryptocurrency? Hear Out The Experts
Jason Deane, Market Analyst at Quantum Economics and crypto enthusiast, said the recent media coverage of a cryptocurrency amendment in the US infrastructure bill is great for “cryptocurrency awareness” across America.
Maria Stankevich, Chief Business Development Officer at EXMO UK says that one of the biggest obstacles in cryptocurrencies is due to the lack of knowledge among those who can shape laws. The people with power have no understanding about these new technologies and as a result, cannot enforce legislation on them – which has been an issue for some time now.
Crypto is no longer on the fringe and has become a topic of great importance in US policy. The recent attention from lawmakers demonstrates that crypto has moved into the mainstream, begging for some form of regulation to protect investors and make it more accessible as an investment option.