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- With the growing craze for cryptocurrencies in and across the globe, people are continuously talking about it and planning to invest in this domain
- The government has therefore stepped in to regulate the crypto industry, but it is not completely to safeguard the public but additionally, the government also aims at making the most out of it
- Several regulations have been proposed which may or may not be beneficial to the crypto industry if one looks at the broader picture
With the growing craze for cryptocurrencies in and across the globe, people are continuously talking about it and planning to invest in this domain. As we know that with growth, comes a lot of risks, which in turn call for regulation, similarly the crypto industry with its growing popularity is facing security issues, wherein they are getting hacked and being overpowered by fraudulent transactions and interjections. Such malpractices have made it less secure with respect to public use. Yet due to the whopping return rates, people are getting highly attracted towards crypto investment, and that, in turn, is leading to several losses to the public, of their valuable assets.
The government has therefore stepped in to regulate the crypto industry, but it is not completely to safeguard the public but additionally, the government also aims at making the most out of it. Several regulations have been proposed which may or may not be beneficial to the crypto industry if one looks at the broader picture. With the untamable growth of crypto units like bitcoin, dogecoin, Cardano, etc, a regulation at this point might broadly affect the industry.
In the past few days, we have witnessed a huge interest of the government and the advisory bodies of the United States, in the crypto industry. Recently, we had witnessed the comments of the SEC member stating that they feel that the security of the investors is at a huge risk in this crypto platform, however right after that Powell mentioned that he is not ready to completely abolish the crypto industry to which Tom Emmer mentioned that the government was sending mixed signals, and confusing everyone with their decision.
The decentralized nature of digital currencies, which, unlike traditional currencies, are not backed by any organization or government authority, is a huge appeal for many crypto fans. However, regulatory advice can aid in the protection of investors. As much as she enjoys the decentralization and absence of government, she is pleased that they are paying attention because there are a lot of frauds with cryptocurrency, says Kiana Danial, author of the book, Cryptocurrency Investing for Dummies.
Tags: Cryptocurrencies, government, SEC, organization, United States, malpractices, decentralized, currencies, digital.
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.
