Bitcoin's Future Is Bright In USA, Congress Stops Anti-Crypto Agenda
May 13, 2024
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Justin Wales, head of legal at Crypto.com, discusses the bright future of Bitcoin regulation in the USA. Topics include Congress blocking anti-crypto SEC agenda, political impact on Bitcoin community, legalities in the crypto industry, cryptocurrency ETFs, and Justin's new book, The Crypto Legal Handbook.
Bipartisan support in Congress blocked SEC's anti-crypto policy, showing promising future for Bitcoin regulation in the US.
State-level regulations provide clarity but uncertainties remain on liabilities for decentralized programs, hinting at evolving legal challenges.
Deep dives
Congress Votes Down SEC's Crypto-Accounting Bulletin
Congress recently voted against the SEC's crypto-accounting bulletin, which required SEC reporting companies to mark cryptocurrencies held under custody as liabilities on their balance sheets. This move, supported by 21 Democrats, signified a rare bipartisan rejection of the SEC's stance, perceived by many as anti-crypto. Despite President Biden's potential veto, the development highlights growing bipartisan support for pro-crypto initiatives.
Regulatory Landscape and Bitcoin's Legal Status
The state-level regulation of Bitcoin in the US offers some clarity, with proactive guidance on compliance and sanctions. However, areas like liabilities for supporting decentralized programs and distinguishing between securities and commodities remain uncertain. The recent passage of a crypto-related bill in the House hints at a broader regulatory framework being discussed, acknowledging Bitcoin's unique legal standing amid evolving challenges.
Bright Future for Bitcoin Industry
The future of the Bitcoin industry in the US appears promising despite short-term political challenges. While regulatory uncertainties persist, ongoing efforts to align old regulations with new technologies continue. Legal professionals are urged to deepen their understanding of the industry to navigate evolving complexities effectively. With a seniority shift towards experienced lawyers well-versed in crypto, the industry is poised for growth and regulatory adaptation.
In this episode, Nik is joined by Crypto.com's head of legal Justin Wales. He is the author of a new book, The Crypto Legal Handbook, an overview of the laws and regulations surrounding the young industry of digital assets. A long time bitcoiner, Justin walks us through the industry's latest legislative battles against the SEC and the notable victory in Congress from a bipartisan contingent to block the SEC's anti-crypto agenda. He concludes that the future is bright for bitcoin regulation in the United States.
Justin's Book: https://thecryptolegalhandbook.com/
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