The cryptocurrency market is thriving, with Bitcoin rising to new heights, with an overall market capitalization of over $3 trillion. However, despite the success of the market, there is a continuing debate about the role of regulation and how it will next be formed.
Recently, French Hill, chairman of the House Financial Services Committee, said excessive restrictions have harmed the crypto market. In an interview with CNBC, Hill pointed out the thriving Bitcoin ETF market as evidence that if regulations are properly regulated, it will help the market grow. However, he also shows that the SEC’s previous resistance to the Bitcoin ETF led to federal courts that forced agencies to act, and how Gary Gensler’s “regulation by enforcement” approach He said it shows whether it is effective.
Despite Gensler’s departure, his policy legacy remains. However, we are currently pushing lawmakers to move towards clarity in regulations. The focus will be passing legislation that directs both the SEC and the Commodity Futures Trading Commission (CFTC) to create clear rules for the crypto market.
Regarding Gensler, he said, “He’s gone. It doesn’t change the fact that Crypto has been assaulted by the SEC for the past four years. Therefore, the reason for the law is to have investors in the SEC and CFTC. It’s about having regulatory clarity that tells exactly what is necessary to protect, encourage innovation, and encourage businesses to use blockchain.”
The recent meeting brought together key figures, including President Trump, the chairman of the Banking Committee and David Sachs, representing other influential lawmakers. Their goal is to prioritize establishing clear and comprehensive regulations that make the US a hub for digital asset innovation, rather than where businesses are being driven away due to regulatory uncertainty.
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