After maintaining an aggressive approach to cryptocurrencies, it seems that the US government is opting for diplomacy, becoming more receptive to participants in this industry.
According to a report by The Block, the current administration of The United States is meeting with cryptocurrency industry participants, to hold conversations revolving around “politics and the crypto community.”
The outlet reported that the country's current government is looking for ways to Understanding the Crypto Industry, its participants and its community at large.
Several people familiar with the matter, who asked to remain anonymous due to the sensitivity of the discussions, said the change in the US administration's tone on cryptocurrencies comes amid the approach of a new electoral process, which could be influenced by actions related to this industry.
The new stance of the US government represents a significant change from the hostility it had maintained several months ago, which could represent a respite for cryptocurrency companies and projects developing in the country.
Cryptocurrencies gain importance in the US political landscape
Recently, digital asset-focused investment firm Grayscale Investments published a report on the political importance that cryptocurrencies are gaining in the United States.
The report notes that cryptocurrencies and digital assets are becoming increasingly attractive and important to Americans, making them a crucial element of policy in the country. According to the firm, the 77% of US voters expect politicians to be more receptive to cryptocurrencies, in order to understand the potential that this digital innovation encompasses.
That said, The Block noted that the change in the US government's stance towards cryptocurrencies has been taking place for the past two weeks. According to the report, the current administration is beginning to recognize the growing importance of cryptoassets, considering the impact that problems related to these assets in the country could have on the results of the upcoming elections.
A more conciliatory tone for innovation
In the middle of this month, the Senate passed bill HJRes.109, known as the regulation that will repeal the Securities and Exchange Commission (SEC) Special Accounting Bulletin No. 121 regulation on the custody of digital assets. This bill is seen as an opportunity to strengthen the United States' leadership in the crypto industry and blockchain technology by allowing regulated banks and financial institutions to participate in the provision of crypto asset custody services.
However, after its approval in the Senate, President Joe Biden threatened to veto the legislation, if he made it to his office. The US president's comments sparked a backlash from the crypto community.
A week later, Congress passed the bill known as FIT21, which could lay solid groundwork for regulating cryptocurrencies within the nation, without stifling technological development and innovation. This bill will also help strengthen the United States’ leadership in the crypto industry and blockchain technology, while establishing the necessary protections to ensure the safety of investors and participants and foster growth.
Although the US administration also does not agree with the approval of this bill, instead of threatening to veto such regulation, the White House spoke out highlighting its Interest in discussing with crypto industry participants to create regulation that was clearer and more favorable to the development of digital assets.
In conclusion, it seems that the United States will opt for fluid communication with the cryptocurrency industry to resolve current disagreements and encourage the construction of a safe, reliable and prosperous digital asset ecosystem.
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