Companies in the Bitcoin industry have been demanding more clarity in regulations. Regulations will also pass into a future United States CBDC.
Bitcoin and cryptocurrency-oriented companies have been recently requesting more clarification of the regulatory framework for their environment. February would now become the month in which this will get decided since the White House is arranging a proper regulation plan to set up strong regulations in the country.
In mid-January, according to various reports, companies in the crypto environment might be getting ready for a possible set of regulations that would take effect this year.
The most recent news reported by Bloomberg indicates, according to its sources, is that the White House would need federal agencies to lead a series of investigations into the risks that could crypto-assets imply for economic activities in the nation.
The White House itself, in parallel with President Joe Biden, would be at the frontline of these new cryptocurrency regulations. According to reports in various media outlets, the United States of America will not prohibit bitcoin, according to Gary Gensler, current US Securities and Exchange Commission director.
According to Bloomberg, the agencies leading these investigations would be creating a series of strategies to study the impacts on financial dynamics. These agencies also lead investigations to study the national security challenges in the field of cryptocurrencies.
On the other hand, the SEC showed a calmed attitude towards bitcoin and cryptocurrencies, maintaining its investor protection stance.
A New Road for a CBDC in a Country Like the United States of America
Countries like China and Russia have already given new steps toward their central bank digital currencies or CBDCs, being the digital yuan the CBDC having the longest run until now.
Therefore, the regulations might get revealed in February; although these regulations do not define a prohibition path, they may represent the beginning for the launch of the CBDC in the United States.
However, it seems that these reports will not represent a strong stance concerning the advance of CBDCs in a country like the United States of America, mainly because the Federal Reserve has not launched its approval.
Companies and their Needs to Deal with Clearer Regulations
The regulatory framework in the United States of America is still dealing with various uncertainties. The struggle is more than just a fear of restrictions; it is also about the lack of regulations. This situation has led companies to look for more solutions to push the government to find a way to solve the problem.
Last December, at least six directors of Bitcoin companies stood before the US Congress, requesting better sets of regulations. A report came to the public eye highlighting how US-based bitcoin companies had reached an increase in their spending on lobbying to push legal authorities to set up these regulations.
Companies and users still have to wait for the White House to allow defining the upcoming steps to be taken, by cryptocurrency companies, on the regulatory framework within the United States of America.
By: Jenson Nuñez
