More Regulations A Path Forward For Crypto?

in #hive-16792210 days ago

Ah the good old story of regulations for crypto. It blows my mind that still in 2024 we still have no real clear cut rules for crypto here in the USA. But there's also regulations around the world taking place and in this article I want to look into each and see what that is shaping up to look like and what it means for crypto.

USA

The USA is one of the largest owners and consumers of bitcoin. However still to this day even after Gary got slapped and the continued random fines and wells notices still going out by the SEC has made things even more unclear. Bitcoin and a vast majority of other cryptos have had some clarity in terms of them not being securities. But did that stop the SEC? Nope, instead they are now attacking DeFi and NFTs a battle that just seems to see no end in sight.

Because of this a lot of states within the USA have now issued their own laws and regulations which are bypassing what the federal government is making a mess off. You see the USA is a unique beast. While many people feel like the government has control over everything it's actully that the states have the real power if they choose to use it.

In theory the government should only be taking care of large things like wars, national security or helping states in times of natural disasters and so forth. While on the state level they can pass their own rules and regulations. It's why you see some states heavily towards gambling while others don't allow it or limit it. Or gun laws where some are like the wild west and others have extremely strict rules.

There's a few key factors that are taking place in the USA right now which will open up what regulations will look like.

The first is trying to pass FIT21 which did pass in the house but was veto'ed by Biden. The second is who's going to win the 2024 election. Trump very pro crypto and Harris very anti crypto (4 more years of what we have currently been living through with crypto, sec and government).

Other Countries EU

Now it's wild because other countries for example Canada has no restrictions really other then the companies have to register with their securities system. That's it, register and you're good to go!

We also have el-Salvador who is mining crypto and has made it a legal tenure in the country. IDK about you but I have a feeling that country is doing much better being on BTC and mining it themselves.

The EU is another one that was actully made solid moves in regulations. It allows for crypto but if you issue a stable coin in EU it has to first be registered with them. Seems reasonable and fair right?

This is the type of framework that continues to be missed in the USA and it seems like it's done on purpose in order to delay things as much as possible and keep business out of the USA. Which seems so dumb being that most of the crypto in the world is currently owned by the USA.

One of the most notable in this area are the swiss who have always been an almost haven for money. It should come as no surprise that it's also become one of the most friendly places to build and adopt crypto and it's why most businesses are now registered or have some form of entity in the country.

China

China is a weird one and always has been. There's been a crypto ban there for a while however the ban is on mining and not owning the cryptocurrency. However with the use of VPNs and other strats China continues to hold a majority of the hash rate for crypto.

What's Next

As you can see there has been some movement in terms of adoption. Before back in the day if you owned and mined crypto you honestly felt like you were doing something illegal which was kind of wild. But with the framework coming out now. It's giving the adoption of companies etc but it's honestly looking to kill the overall markets and just blend them into the FIAT world. There are still some pros though in particular with Bitcoin over any other asset in terms of it's store of value.

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