US urged to keep up with crypto regulation

Shark Tank star and prominent investor Kevin O’Leary thinks that the US needs to step up its game to stay at the forefront of crypto and blockchain regulation.

The O’Shares Investment Advisers chairman said that before any mass adoption of cryptocurrency and blockchain could happen, the government would need to pass a sensible regulatory policy.

He spoke highly of the current efforts to do so and said that there were already good signals to believe that the US could play on a level field with other jurisdictions.

“We’ve got the Lummis bill. We have the Haggerty bill for stablecoin, the Toomey bill for stablecoin. We have the POTUS executive order, all within six weeks of each other, all discussing the future of cryptocurrencies”, he said.

O’Leary rued the fact that the US has fallen behind in innovation in many of the sectors and said that creating a regulatory framework would allow the industry to truly leap forward.

One of the things to look out for is whether SEC chair Gary Gensler will push forward with an idea to formalize guidelines on crypto which should allow companies, such as Ripple Labs, to avoid falling on the watchdog’s bad side.

Meanwhile, the Federal Reserve may be looking into the issuance of a stablecoin or a central bank digital currency (CBDC).

However, there are those who argue that a potential CBDC in the US should not just be a copy of the physical dollar. It should bring with itself distinct innovation to be meaningful.

In the meantime, you don’t have to worry about regulation. Grab your crypto and spend it on Bitcasino.io, 1xBit or FortuneJack!

Source

Updated: 04/19/2022 — 10:00