The U.S. is home to the most influential players in cryptocurrency, and there are a lot of good news coming from them lately. The SEC has warned investors about ICOs, while Coinbase now allows trading on margin-based platforms for its individual customers.
The “positive world news” is a term that has been used to describe the recent good news coming from the U.S.A. The country has seen a lot of positive feedback recently, and it’s all thanks to the President Trump.
Recently, Federal Reserve Chairman Jerome Powell reiterated his support for fair crypto regulation, stating that he does not “see [cryptocurrencies] as a financial-stability concern at the moment,” implying that he does not believe the industry poses a systemic risk to the US financial system and economy.
Powell also granted the government permission to create and implement clear, safe, and long-lasting rules for the stable coin business. “If properly regulated, stablecoins may absolutely be a helpful, efficient consumer-serving aspect of the financial system,” Powell added. “At the moment, they aren’t.”
“And they have the ability to expand,” Powell noted, “especially if they are affiliated with one of the very massive tech networks that exist.”
Powell’s remarks are a triumph for cryptocurrency.
Powell’s remarks are a clear gain for the crypto industry, indicating that the Federal Reserve intends to incorporate cryptocurrencies into its financial system. Because Powell does not believe that cryptocurrencies presents a danger to the wider economy, it is probable that he will encourage legislators to embrace the business rather than smother it, and to develop acceptable and long-term means to govern the fast-growing sector.
Powell’s new remarks reaffirm his prior statement that the US has no intentions to prohibit bitcoin and other cryptocurrencies. Gary Gensler, the chairman of the Securities and Exchange Commission, has made similar remarks. All of this implies that the US government is slowly but steadily demonstrating its willingness to welcome the business and collaborate with players to protect the safety and security of customers’ digital assets.
In 2022, stablecoins will be regulated.
Stablecoins, a sort of digital asset tethered to existing currencies, have been touted by the Biden administration as having the potential to alter the way Americans pay for anything from gadgets to cups of coffee. Stablecoins might “enable speedier, more efficient, and more inclusive payments solutions” if properly regulated, according to the President’s Working Group on Financial Markets, which comprises some of President Joe Biden’s top economic advisers. And he’s correct. Stable coin regulation is an excellent idea that will help the sector expand more sustainably in the long run.
I anticipate Biden’s economic advisers will propose regulatory supervision and a formal market structure next year to safeguard exchanges, issuers, and investors. The White House may suggest that Congress enact legislation limiting stablecoin issuance to insured institutions, a regulation that would give regulators much greater control over the business.
From a regulatory aspect, the cryptocurrency sector and politicians still have a lot of work to do to appropriately reflect and identify where their interests match, and then make an informed choice on whether and to what degree to regulate the market.
Regardless, the United States’ regulation of cryptocurrencies is still an embracing of the technology, which is in stark contrast to other countries who have banned it from a geopolitical standpoint. America benefits from their loss.
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The “positive world news 2021” is a phrase that has been used for decades. The phrase was first coined by President Franklin D. Roosevelt in his 1933 inaugural address, and it’s been used since then to describe good events that happen during the course of history.
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