Sen. Lummis Pledges to Revamp Crypto Regulations, Businesses Flock Back
• The Biden administration recently charged Binance and Coinbase Global with listing unregistered securities.
• As a result, many exchanges have delisted crypto assets thus sidelining American investors from the crypto market.
• Senator Cynthia Lummis is working on a regulatory framework to allow investors in the country to own and trade digital assets.
Crypto Regulatory Crackdown in US
The Biden administration through the Securities and Exchange Commission (SEC) has caused more digital asset-focused companies to shift to friendlier international markets due to their recent enforcement actions against crypto firms. Reportedly, the Biden administration is promoting a digital dollar that will be issued by the Fed instead of digital currencies, but some United States regulators are standing against this move, citing it would violate the democratic right to financial freedom. Furthermore, governments will have more power to freeze or seize assets through Central Bank Digital Currencies (CBDC), which they cannot do with fiat currency. This led to SEC charging Binance and Coinbase Global with listing unregistered securities including Cardano (ADA), Polygon (MATIC), and Solana (SOL). As a result, exchanges such as Robinhood delisted those named crypto assets, thus preventing American investors from easily accessing the crypto market. Additionally, most decentralized financial platforms (DeFi) stopped providing services in the United States due to fear of legal scrutiny.
Debt Crisis Prompts Bipartisan Talks
The U.S debt crisis was postponed for a few years following a bipartisan agreement where they scrapped 30 percent digital asset mining tax. Nonetheless, businesses operating in this space remain under threat in America due to SEC’s stringent regulatory measures causing them to move abroad seeking friendlier markets for their operations. Although there has been talk about issuing a digital dollar by government authorities that could potentially infringe on people’s democratic rights over their finances as it gives governments more power than they had using traditional fiat currency before now; where they can freeze or seize assets without any issues whatsoever.
Senator Vows To Revive Crypto Industry In US
Wyoming Senator Cynthia Lummis who is known for her pro-crypto stance announced that she is working on legislation that will enable Americans own and trade cryptocurrency within its borders without being subjected legal scrutiny like what happened recently when SEC charged Binance and Coinbase Global with listing unregistered securities which made exchanges such as Robinhood delist those named crypto assets; making it difficult for American citizens access them easily while also forcing most decentralized finance platforms (DeFi) stop offering services inside US borders out of fear of regulatory backlash if any violation occurs during their operations within its jurisdiction.
Digital Dollar Vs Cryptocurrency
Biden administration proposed creating a digital dollar which will be issued by Federal Reserve instead of relying on cryptocurrencies which can lead into potential violations of democratic rights since CBDC give governments more control over people’s finances compared to traditional fiat currencies; allowing them freeze or seize funds without any issues whereas some US regulators are vehemently opposed towards this move citing same reason mentioned above but Senator Cynthia Lummis hopes her proposed legislation will address these concerns enabling Americans invest safely into cryptocurrencies within its borders once again without worrying about government intervention anytime soon if passed successfully into law soon enough after going through necessary legislative processes involved therein afterwards accordingly so forth time shall tell only then we know how this saga ends till then stay tuned!
Conclusion
The Biden administration has enforced several regulations regarding cryptocurrency leading several businesses opting out from US markets fearing legal repercussions if caught violating them during their operations while an agreement between both political parties saw scrapping 30 percent digital asset mining tax yet still Senator Cynthia Lummis is putting together legislation that might bring back confidence amongst investors enabling them explore opportunities available within cryptocurrency industry without having worry about government interventions anytime soon until further notice so stay tuned!