October alleviates investor fears of US ban on crypto

October wraps up a rather optimistic month for crypto regulation in the US, which has put consumer protection at the center of any action coming from watchdogs such as the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC).

October managed to quash some fears that the US may be going all gung-ho on crypto, the way China has. Yet, none of this seems to be on the daily agenda of regulators.

In an address on September 30, US Federal Reserve chair Jerome Powell said that the US had no intentions of blanket-banning Bitcoin (BTC), seeking to assuage mounting fears that the country might follow suit after China suspended all crypto-related activities.

Other “antagonistic” crypto legislators, such as Republican Ted Budd who has been calling to “limit and/or restrict the use of crypto” said that never in his work had he any intention to ban crypto.

So far, 10 states in the US are marked by a high usage and adoption of crypto. Those states include California, New Jersey, Washington and New York.

Bloomberg expects SEC to approve four BTC futures this quarter, paving the way for new investment opportunities that are finally backed by some regulatory clarity.

US legislators are not seeking to suspend crypto. In fact, they are looking to buy it with US senator Cynthia Lummis one of those legislators who owns BTC.

Both the government and politicians are investing in crypto it seems, which gives investors another hedge against unexpected events, such as a mass ban, which seems more unlikely by the day.

In the meantime, you can continue to use crypto safely at recreational websites such as Bitcasino, 1xBit and FortuneJack.


Updated: 11/01/2021 — 12:00