Another Crypto Bill passes the congregational committee.

[Bash4j]

The crypto space has been in the regulatory crosshairs since investors were burned last year by the sudden collapses of FTX, Celsius Network, Voyager Digital bankruptcy, LUNA crash, and other companies.

A key congressional committee initiated the long-awaited bill that aims to develop a regulatory framework for cryptocurrency.

The bill has galvanized many in the crypto industry cos this is the first time a crypto regulatory bill was put to a vote in Congress, A few supported like Kristin Smith, CEO of the Blockchain Association, and Miller Whitehouse-Levine, CEO of the DeFi Education Fund who said with Democrats' support, the bill could have a shot in the Senate.

The bill would define when a cryptocurrency is a security or a commodity and expand the Commodity while clarifying the Securities and Exchange Commission's jurisdiction, as many crypto advocates complain of the agency's perceived overreach.

While other jurisdictions like the UK, the [European Union], Singapore, and Australia have moved forward with clear regulatory frameworks for digital assets and successfully License Centralized crypto exchanges like Bitget OKX and a few others the United States is at risk of falling behind.

While other Lawmakers like Maxine Waters oppose the bill and said it will create more confusion and offer consumers and investors fewer protections than they have currently, I see this as another major victory to the crypto industry.

What are your thoughts?

 

[Maxicreed]

U.S is one of the largest crypto market and I wouldn't say the are falling behind but trying to ensure good regulatory policy to protect users and also ensure transparency and accountability from the crypto service providers.

Like you said; FTX and Celsius network bankruptcy are major concern and repeat of such scenario wouldn't only jeopardize the adoption of cryptocurrency but affect their economy.

 

[iamcryptic]

The crypto space has been in the regulatory crosshairs since investors were burned last year by the sudden collapses of FTX, Celsius Network, Voyager Digital bankruptcy, LUNA crash, and other companies.

A key congressional committee initiated the long-awaited bill that aims to develop a regulatory framework for cryptocurrency.

The bill has galvanized many in the crypto industry cos this is the first time a crypto regulatory bill was put to a vote in Congress, A few supported like Kristin Smith, CEO of the Blockchain Association, and Miller Whitehouse-Levine, CEO of the DeFi Education Fund who said with Democrats' support, the bill could have a shot in the Senate.

The bill would define when a cryptocurrency is a security or a commodity and expand the Commodity while clarifying the Securities and Exchange Commission's jurisdiction, as many crypto advocates complain of the agency's perceived overreach.

While other jurisdictions like the UK, the [European Union], Singapore, and Australia have moved forward with clear regulatory frameworks for digital assets and successfully License Centralized crypto exchanges like Bitget OKX and a few others the United States is at risk of falling behind.

While other Lawmakers like Maxine Waters oppose the bill and said it will create more confusion and offer consumers and investors fewer protections than they have currently, I see this as another major victory to the crypto industry.

What are your thoughts?

Based on Satoshi Nakamoto's principles, it is evident that this regulatory bill deviates from the decentralized nature of cryptocurrency. However, introducing some industry regulations could prove beneficial in addressing significant concerns and preventing incidents similar to the FTX fiasco from happening again.

 

[Megamind 247]

I would say that the regulation has been seen as many as a friction that slows down the progress of crypto access in some regions of the world and I believe with time it will penetrate those regions again, but the fact that some exchanges are thriving in a region where others are sent out shows there are better approaches that can be learnt from those platforms that stayed, because it means there's something they're doing right with their management, so for the advantage of crypto enthusiasts I'll say they should stick with such thriving platforms as Bitget.

 

[Bash4j]

U.S is one of the largest crypto market and I wouldn't say the are falling behind but trying to ensure good regulatory policy to protect users and also ensure transparency and accountability from the crypto service providers.

Like you said; FTX and Celsius network bankruptcy are major concerns and a repeat of such a scenario wouldn't only jeopardize the adoption of cryptocurrency but affect their economy.

I believe we are already on the path to sanitizing the crypto space. Today, two House committees started voting to take an important step on legislation that will create regulatory clarity for crypto and cryptocurrency exchange. They will continue tomorrow. The bill will evolve during the legislative process, but a vote today for the Financial Innovation and Technology for the 21 Century Act is a vote to protect your crypto. In addition to cold wallet storage, exchanges protective funds like the recently Bitget protective funds are key factors to shape the credibility of trading platform in the nearest future.

 

[Bash4j]

Based on Satoshi Nakamoto's principles, it is evident that this regulatory bill deviates from the decentralized nature of cryptocurrency. However, introducing some industry regulations could prove beneficial in addressing significant concerns and preventing incidents similar to the FTX fiasco from happening again.

In my opinion, the ongoing processes should be seen as an exciting development, passing of the first crypto regulatory framework bill by the US House Panel is a big step towards providing clarity and stability in the cryptocurrency space. This could pave the way for further innovation and adoption.