- U.S. Government fails to implement Fintech and Blockchain Technology regulations
- Biden’s Administration may create a Silver Lining for the Crypto World
- The Administration can clutch numerous strategies to accelerate innovations in the Crypto world
It is sighted that the U.S. government lacks the implementation of fintech and blockchain technology policies. Since 2019, whilst Bitcoin (BTC) and Ethereum (ETH) have surpassed the Securities and Exchange Commission (SEC) check, the crypto world is on a standstill, and any innovation is entirely dependent on these two coins.
Is Crypto growth becoming a major concern?
In the past four years, the population may have become more aware of the crypto world. However, there aren’t any strict frameworks in ordinance probably because the development and growth of crypto products have always been oblivious. The developers aim to fabricate such crypto products that can solve real-world problems for population and legislative bodies. Still, without a lucid route, its growth becomes nearly impossible and negligible.
Biden administration to implement new crypto regulations
A new management approach means a sparkling mindset and new opportunities. Eventually, this may lead to lucid guidelines and improved crypto-forex efficiency, ultimately ensuring higher purchasers and better customer experience. The Biden Administration can influence the antique guidelines and offer a clear direction to boost the crypto and economical technology for coming generations.
Strategies that may bring forth a sky of hope for the Crypto World
The U.S. may develop a countrywide virtual banking licensing charter identical to Singapore’s Virtual Banking Charter to ease Fintech industries’ application for crypto, granting and authorization of payments. In the current scenario, U.S. based companies apply statewide for licensing. They charge millions in the name of Legal fees. Moreover, the case takes years to accomplish.
The classification for valuable resources; derivatives developed via smart contracts and stablecoins should be defined with uttermost clarity.
Development of a bilateral group, including public and private sectors, should be done. It can be operated and led by technoid leaders like Andrew Yang. So that landmark legislation can join forces with fintech similarly as HPCCA did for cyberspace companies.
A Security and Exchange Commission should protect investors and markets and implement advanced innovations.
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