American legislators and lawyers are enacting and codifying new rules in the field of cryptocurrencies. These rules focus on Blockchain technology and address controlling and manipulating the price of cryptocurrencies and moves in order to increase the competitive edge of the U.S. in cryptocurrencies industry. The first bill which is about the value and price of cryptocurrencies has been designed to protect the right of activists and the people who are present in the market of cryptocurrencies. The other rule includes the status of the presence and competition of the U.S. in the market and industry of cryptocurrencies.
Different Bills of Congress about Cryptocurrencies
According to the new rules of Congress, all methods of pricing cryptocurrencies, investors’ measures, and probable profits and losses of the trade in this market should be documented. The responsibility of these documentations and offering exact reports is on the shoulder of the U.S. Commodity Futures Trading Commission (CFTC)too. In the recent bill of the U.S. Congress, a new definition has been offered, a new form of digital currency which is used as a tool for financial trades. The other report that CFTC should offer is about tools the U.S. will apply and the measures it will conduct to increase its competitive power in the field of cryptocurrencies. In these reports, the status of cryptocurrencies in the U.S. market and the role of the U.S. in this regard at the international level should be carefully evaluated and investigated, and a complete report of it should be delivered to the Congress.
Continuity of Legislation in the World of Cryptocurrencies
One of the main and basic reasons for the U.S. to legalize cryptocurrencies activities is the fear of their dominance on the market. If the cryptocurrencies continue without supervision and rules in the form of different projects, the possibility of control and supervision on them will get very difficult. Some say that no need to security supervisions on the cryptocurrencies caused the U.S. to think more about entering cryptocurrencies area.
Fear of cryptocurrencies empowerment is seen in many governments. The approach of each country has been different in this regard. Some of the countries have supposedly shown a conservative reaction to these new technologies. However, the fact is that such reactions are just superficially conservative and in reality, they cause the governments’ vulnerability to growth and bloom of cryptocurrencies.
Most Cryptocurrencies Become Legalized in Different Countries around the World
Generally, despite the existence of various approaches in dealing with cryptocurrencies, most of the countries must accept this newcomer cryptocurrency, and many of them have decided to use suitable methods and alternatives to manage and supervise the world of cryptocurrencies more rather than complaining and disagreements. Considering the pressures on the side of anti-money laundering international communities, even a country like Pakistan is forced to accept cryptocurrencies and legalize them. The bills of the U.S. Congress are in the beginning of the road and should be confirmed by the house of representatives, senate and the president. The possibility that these rules come into force will be after passing different stages.
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