After a lot of open discussions and deliberations on the needing state cryptocurrency regulation is at, we can finally see progress.
A research branch of the Senate Republicans is considering new approaches to crypto that may imply better regulation policies in the future. The Senate Republicans Policy Committee, popularly referred to as the RPC, published a research policy paper, “Cryptocurrency Goes Mainstream.” on 9th April.
Details on the publication are pretty much a recap of what has been happening in the crypto space. It has all been captured, ranging from the richness of ability crypto demonstrated with Ukraine donations during the war to its use by ransomware gangs.
The RPC report ascertains the potential cryptocurrency payments have to reduce transaction payments and improve privacy. The Senate Republicans are, at this moment, making an effort to preserve innovations from private industries with this formal policy paper.
This is not to say they have disregarded all the other setbacks associated with the industry. US president Biden issued an executive directive order in full knowledge of how vulnerable the crypto marketplace is to ransomware attacks. As of March, Federal agencies have been working on instructions to report regulatory and policy recommendations revolving around digital assets.
The road ahead is still long, mainly because a good number of House Democrats persist in their opposition to the crypto business. The latest lot in the House of Representatives is starting to show a newfound degree of bipartisan support for crypto.
“There’s been some House Democrats who have enthusiastically embraced this technology, “Senator Pat Toomey is quoted addressing his draft stablecoin regulation. There is, of cos, some hostility; he told the block, but also a possibility for bipartisan consensus.
Looking where crypto regulation has come from, and now there exists a regulatory research policy paper on it, we can only count wins.
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