US continues to show its support for Bitcoin and digital assets
In the space of a week the US has demonstrated its ongoing intentions to provide more supportive guidance and clearer regulatory parameters for digital assets in the wake of it's increased mainstream attention.
Last Tuesday, the United States House of Representatives passed new legislation with a key focus on creating "regulatory clarity for cryptocurrencies" through the establishment of a digital asset working group with "from the SEC, CFTC and the private sector". Introduced by Representative Patrick McHenry, this particular act was coined (pun intended) the Eliminate Barriers to Innovation Act.
Introduced back in March, the bill seeks to clarify the roles of agencies like the Securities and Exchange Commission and the Commodity Futures Trading Commission in the policing of cryptocurrencies in the United States. The bill also seeks to answer the ongoing debate of whether crypto tokens are securities or commodities.
During the passage of the bill through the house, Representative McHenry said:
[This bill] requires the [SEC] and the [CFTC] to establish a working group focused on digital assets. This is the first step in opening up the dialogue between our regulators and market participants and move to needed clarity.
Reportedly, the aim of the working group will be to come together to analyse "the current crypto regulatory climate" and issue a report on "matters like crypto custody, cybersecurity, private key management and investor protection concerns."
Following the trend of support, last Friday the state of Louisiana published a resolution which gave a special mention to Bitcoin and some of it's recent accomplishments.
The House Resolution (No.33) touted the success of Bitcoin:
in becoming the first decentralized trillion dollar asset and to encourage the state and local governments to consider ways that could help them benefit from the increased use of this new technology.
Consequently, the resolution followed that:
THEREFORE, BE IT RESOLVED that the House of Representatives of the Legislature of Louisiana does hereby commend Satoshi Nakamoto for his contribution to economic security.
In early 2021, Bitcoin's market cap broke above $1 trillion, "signalling growth of more than 900% in less than one year". With staggering economic growth like this not only occurring for Bitcoin but the entire digital asset industry, the incentive is clear for U.S regulators to unify the patchwork of digital asset regulations to encourage innovators to enter, and remain in, the U.S market.