US Financial Regulators Should Loosen The Noose Around Bitcoin's Neck

America has been leading the world in crypto innovation, thanks to the vibrant culture of silicon valley. However, if the regulators don’t give the Bitcoin ecosystem some breathing room, they might lose their position as the global leaders.

Thomas W. Hodge, Senior Associate Attorney at Brock & Scott PLLC, says that throughout history, America has been a hub for innovation and an avenue for new technology to enter the market. Today, there are many new technologies on the horizon: artificial intelligence, autonomous vehicles and perhaps most importantly, cryptocurrencies and blockchain technology, which can potentially alter the way we conduct our lives.

Talking about the dominance of America in the crypto space, Hodge says:

“The last three years have not only proven to us that cryptocurrencies are here to stay, but that they are being adopted by mainstream institutions and large banks, signaling that it is time for our leaders in Washington to pay attention. The United States is already home to more than 500 cryptocurrency companies, blockchain and Bitcoin are leading sources of U.S jobs, and cryptocurrencies around the world have a market cap of more than $320 billion.”

Keeping this in mind, the United States cannot afford to lose its place as the front-runner in crypto.

Hodge is not alone in his sentiments, Congressman from Minnesota, Tom Emmer eches the same views.

The one figure from the SEC that generally supports the market in her decisions is Hester Peirce, AKA Crypto Mom. Now, she has pushed back an industry lobbyist’s call to create a national strategy for the blockchain sector. This national plan, which was intended by the Digital Chamber of Commerce, has the goal of making the development of blockchain technology a priority for the United States. Peirce agrees that there is a need for clear regulatory guidelines, but she does not think that the government should participate a lot and partner with the private sector because, in her mind, the ideal would to just enact a good regulation and let the market solve this by itself.

Peirce’s statement was an important development and an important warning for regulators. All federal agencies in the space need to engage both investors and cryptocurrency companies to develop plans that promote innovation, spur investment and protect consumer interests. As we all know, the past doesn't always equal the future and when it comes to bitcoin legalities and crypto market regulations for the blockchain economy, everyone needs to play their role and act for the greater good of the new way to transfer value across the digital world.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Sritanshu Sinha
Sritanshu Sinha
Sritanshu has a keen interest in emerging technologies, startups and economic anthropology. He holds the view that cryptocurrencies are the best bet humanity has got to push the world towards a borderless economy.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

YFI’s Andre Cronje isn’t Going Anywhere; ‘This Space Won't Get Rid of Me'

Andre Cronje, the guy behind yEarn and the popular YFI, is not leaving the cryptocurrency space any time soon, at least, “until there is...

Crypto Mom, Hester Peirce, Secures Second Term as SEC Commissioner Through 2025

The US Securities and Exchange (SEC) Commissioner Hester Peirce, aka “Crypto Mom,” has been confirmed for a second term that will last till June...

yEarn Expanding its Ecosystem to Bring in Hot DeFi Tokens into the Mix

DeFi craze continues to get hotter as the system grows. yEarn’s zero supply valueless token YFI climbed to a new high today at $5,300 and...

Bitcoin Dollar Cost Averaging From 2017 Market Peak Still Returned 61.8%

Bitcoin price remains strong, not far from hitting $12,000 yet again after the touch and go over the weekend. Interestingly, despite the fact that the...

DEX Leader Raises $11 Million in Series A Funding for Uniswap V3 Following an Explosive Month

A popular and widely used decentralized exchange (DEX) Uniswap has raised $11 million in Series A funding led by Andreessen Horowitz with additional investment...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today