In the past year, US Congress has introduced 35 bills about policies around cryptocurrencies that are remarkable. The latest report by Forbes is about these bills and their possible effect on the future of the market, especially in the US. The biggest conclusion from this amount of bills being passed in the US Congress is that the crypto industry is here to stay and may expand even faster in the near future.
The main topics of bills passed by congressional members are cryptocurrency regulation, applications of blockchain technology, and central bank digital currency (CBDC). The first and the last ones can have direct effects on the market, especially for investors in the US. But the second is also important because it helps the industry grow and welcomes more companies to operate in this sector. According to the report:
“The first set of bills mainly focus on how regulatory agencies such as the Securities and Exchange Commission (SEC) and Commodities and Futures Trading Commission (CFTC) will regulate crypto and blockchain tokens. The blockchain and distributed ledger technology bills focus on ways to promote the underlying technology crypto within the US Government for broader use in other sectors of the economy.”
Central bank digital currency or CBDC isn’t a new concept in the crypto market anymore. China started the movement by proposing this type of currency and looks like the leader in this sector. But many other countries are considering the use and adoption of CBDC in their financial market. The United States needs to be active in this sector, too. Many experts believe that United States policymakers should consider entering this market if they want the US Dollar to keep its position as the world’s reserved currency.
Policy and regulations around cryptocurrencies seem the most important topic of bills being discussed in the US Congress. Paying tax for crypto income has been among the top discussed subjects. It was proposed ad the Infrastructure and Investment Jobs Act (HR 3684) and is now enacted into law. Many experts believe it can start more regulation over cryptocurrency investments and earnings in the US.
The United States has always been among the leading countries in embracing technologies and offering them to other countries. But in terms of cryptocurrencies, the regulations and debates over the technology have taken too long in that country. Many developing countries are embracing the technology and adopting it at high speeds. But the current report about bills passed in the US Congress shows a promising situation for regulations over cryptocurrencies and blockchain in that country.