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- US Congressmen start to believe and put trust in the functioning of the cryptocurrency as a financial service to the country’s future
- State legislations accept and advance bills to the Congress to decrease the regulations imposed on the decentralised digital currency
- Stance of the congressmen concerning the adoption of cryptocurrency changes due to increased literacy and knowledge
The present curates the future, and Congress has finally started to accept that the current boom in cryptocurrency might be the future. Members of Congress take an interest in digital technology and have begun to improve their knowledge and acceptance. A visible change of opinion can be examined as regulators and officials educate themselves to implement more leeways for cryptocurrency innovation and development.
US Congressmen change their opinion on cryptocurrency
US Republicans show a keen interest in upholding the future of cryptocurrency. In a recent media channel, they mention that as the world gave the internet a chance, crypto should also be given one. Congressmen emphasise the advantages affiliated with the crypto market and products, as well as stress on the upcoming US Congress bills that shall be pro-crypto. Even after attempts to scandalise cryptocurrency trading platforms with scrutiny, the true potential of a new technological system is starting to take its place amongst the minds of the legislation.
Legislation might interfere with the liberation of the digital asset
As the congressmen warm up to the idea of cryptocurrency as the fate of the United States’ financial economy, the downsides of the decentralized mechanism might hinder further plans of the country. The core concept of cryptocurrency is to demolish the hold of a central authority. However, with the current bills being presented to Congress, the innovation door may open for cryptocurrency, but the decentralized mechanism might face a gap in the bridge. No technology is given the complete freedom to operate in the US, hence, breaking the fundamental principle of cryptocurrency.
Crypto market competence acts as a catalyst to the US
Various countries are trying to develop their sovereign digital money, and the States have no other option but to accept the overall financial standing of cryptocurrency in the global market. Congressmen are eventually concluding and realizing the ambit of the crypto market as a financial service for the country to compete with other nations. The United States has held the position of super power for a long time and would like to hold it in the coming years as well. The establishment of such a power is foreseeable through various kinds of economic and financial reforms that majorly include cryptocurrency.
State legislators continue to present crypto bills to Congress. As of last year, 31 states had pending legislation with Congress. The US is one of the few countries that recognize cryptocurrency as a legal trade, still needs more bills supporting the liberation of the virtual asset for the country to flourish in the coming years. Regulating a decentralized system of money contradicts the entire idea and purpose of cryptocurrency.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
