The US will become the world’s leading cryptocurrency and blockchain country

The US is rapidly embracing decentralized finance, cryptocurrencies, and the innovative blockchain technology industry, vying for the number one spot globally.

According to Cointelegraph, on October 6, Gary Gensler, the head of the Securities and Exchange Commission (SEC) confirmed during a hearing of the House Committee on Financial Services that the regulator will not cryptocurrency ban. This policy has the potential to pave the way for the world’s largest economy to become a leader in the development of decentralized finance (DeFi) and blockchain technology.
Gensler also said that banning cryptocurrencies is not within the mandate of the SEC and that if there is a ban, it is also a decision of Congress.
According to him, what the SEC is interested in is how to protect investors and transactions. “We will work with banking regulators and others to ensure that the Treasury Department can regulate the cryptocurrency market to combat money laundering and comply with tax laws,” Gensler said.

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The SEC announcement comes after Federal Reserve Chairman Jerome Powell said on September 30 that the regulator has no plans to ban bitcoin and other cryptocurrencies.

When Congressman Ted Bud, a longtime supporter of the cryptocurrency sector and a member of the Congressional Blockchain Caucus, asked if the Fed intends to ban or restrict the use of cryptocurrencies, Mr. Powell also replied, “No. I have no intention of banning them.”
Of course, the US not banning cryptocurrencies is only the first step, since then, more people are interested in the potential that the US will study to come up with policies to promote cryptocurrencies. If new regulations are enacted, the community can become more involved in the discussion of methods for regulating industry practices.
When the world’s largest economy announced that it would allow cryptocurrency to live with its current financial industry — with proper regulation, of course. Currently, the US has allowed the traditional banking system to work alongside the new and rapidly growing decentralized financial system.
The trend could help the US become at the vanguard of fintech developments, blockchain technology, and even into more unique parts of decentralized finance like insurance, trade finance, and fundraising.
From a regulatory point of view, the crypto community and the US government still need to do a lot of work to identify their concerns and make decisions together to regulate the industry, including the regulation of coins. stable electronic, decentralized exchange, …

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In fact, even US lawmakers are buying bitcoin. Senator Cynthia Lummis revealed that she has been investing since August 16, buying bitcoins worth between $50,001 and $100,000.

Since the US government has so far insisted it will not ban cryptocurrencies and politicians are all investing in them, it would be a good idea for all of us to reevaluate our portfolios. and a long look at bitcoin, ethereum, and other new blockchain technologies.
Essentially, the US is clearly signaling that it will embrace and regulate bitcoin, blockchain technology, and other cryptocurrencies in addition to developing a digital USD. From a geopolitical perspective, this is seen as a smarter policy because the US will position itself to receive large amounts of foreign investment, attracting the best talent on the planet.
In the future, it is very likely that the US will become a leader in the field of decentralized finance, especially as regulators continue to work with the virtual currency investor community to build an industry more sustainable and safer business.

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