Since the global buzz and near unprecedented adoption of cryptocurrency, most countries and their leaders have taken a special interest in the market. They have continued to roll out plans and crypto policies through their government agencies and regulatory bodies.
The United States has shown its acceptance of crypto through its large number of Bitcoin and Ethereum nodes. To that end, via the President Biden administration, their Government recently set some crypto regulation policies.
Let's examine some of their regulations regarding crypto — and explore why the US is a leading global crypto-friendly nation.
In the United States, crypto exchanges and transactions are legal and fall under the Bank Secrecy Act (BSA) jurisdiction. Similarly, the Security and exchange commission (SEC) considers cryptocurrencies as securities. The US Government, therefore, treats crypto under security laws.
When countries across the globe are blacklisting crypto transactions by considering them illegal ventures, the US Government recognizes them as legal ventures.
In a new framework released to the public by the Biden administration, one of the regulations focuses on curbing illegal activities perpetuated using crypto tokens, transactions, and exchanges.
The President is expected to push Congress to raise the punishment for unlicensed money transactions. Also, the Federal statute will be amended to give the Department of Justice more power. They will be able to prosecute digital asset crimes across all jurisdictions where a crypto crime is perpetrated or the culprit is found.
This framework and regulations bring the fight against criminal activities such as money laundering and terrorism financing to a greater extent.
Blockchain technology is the underlying technology that powers the cryptocurrency ecosystem. That is, cryptocurrency transactions and operations run on a decentralized mechanism called blockchain technology.
On this premise, the US Government has given individuals and stakeholders a "free hand" to explore blockchain technology. More so, the Biden administration is making a huge investment into the blockchain.
Through the US Inflation Reduction Act, America is making the largest-ever investment in greenhouse gas emission reduction, climate resilience, and green energy. A whopping sum of $370 billion is set aside for this project.
Similarly, the US Government plans to apply blockchain technology to electricity microgrids. This initiative, among other plans and policies, shows the readiness of the Government to promote blockchain technology and create an enabling environment for blockchain stakeholders/ enthusiasts to thrive.
The US Government has several plans and policies that signify the Government's friendliness to cryptocurrency. While some of these plans are already in full swing, others are at different stages of implementation.
It is, therefore, fair to rate the United States among the world's crypto-friendly countries and applaud them for the giant strides recorded (so far).