The United States is the cradle of cryptocurrency. In 1982, David Chaum presented his concept of anonymous payments. In 2008 Satoshi Nakamoto posted by whitepaper Bitcoinso that the network will be operational next year. What are the legal regulations in the USA?
The Australian company Finder conducted a survey among a group of 2068 people and its conclusions turned out to be surprising. More and more US citizens are holders of cryptocurrencies. In 2018, 7.95% of respondents declared ownership, and in 2019 this value increased to 14.4%. Perhaps this trend is affecting the sleepless nights of Congress members when the slogan “blockchain” is set.
Many experts wondered what benefits a national could bring stablecoin for the USA. In a letter dated November 19, 2019, Jerome Powell, head of the Federal Reserve System, revealed that the digital dollar would not be issued. He justified this decision with the stable position of the American currency in the world. In February this year, he added that a system in which everyone can see transactions and balances of others is not ideal for the country’s economy.
In February, the US Senate debated the future of cryptocurrencies. The Treasury plans to allocate funds to introduce new requirements in FinCEN. There is widespread knowledge about the use of cryptocurrencies for online criminal activities, but the United States has taken the fight. The Secretary of the Treasury said that they want to be sure of technology development, but also control that only legal transactions take place on the network.
Despite the reluctance to cryptocurrencies, the Senate sees new solutions in technology blockchain. There are ongoing debates on the use of the block chain for voting. This is due to the COVID-19 pandemic – senators could thus work remotely. According to the media, the model would be supplemented with end-to-end or E2EE encryption applications to facilitate the process.
This year, presidential elections are planned not only in our country, but also in the US. The active candidates were Donald Trump, who was careful crypto for the tool of criminals, and Joe Biden, who did not share his opinion.
The candidates had interesting things to say:
– Elizabeth Warren believes that kryptowaluty you can easily steal and you need to strengthen the rules;
– Mike Bloomberg was interested in introducing clear cryptocurrency regulations;
– John McAfee (yes, he really was a candidate) has long been known as a cryptocurrency evangelist, which you can read about in our Article;
– Andrew Yang was the main voice of the supporters blockchaina and cryptocurrencies.
In the US, the approach to crypto is very diverse and dynamic. Fortunately, the state does not hurt despite the lack of action. The situation may be brightened by presidential elections, and the coming crisis may prove to be a catalyst for change.
Article prepared by Coinquista.com.
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