The cryptocurrency industry is finding it really difficult to face the challenges and obstacles from the U.S. regulatory authorities. Ever since the launch of the cryptocurrency industry, the United States administration has not seen eye to eye with the crypto-firms.
The main concern that the United States regulatory bodies have is the lack of regulatory infrastructure that the crypto-industry has. The United States of America is the country that aims to acquire as much information as possible for any company or individual that is somehow connected to the country.
Most importantly, the country is extremely cautious when it comes to its security and data protection. This is the reason why the U.S. has always been reluctant and finds it hard to accept the cryptocurrency with open arms.
As the United States is the hub for technology, developments, and economy, the crypto-industry would be on an entirely different level if the United States were to take interest in it. However, the reality is completely different from what is expected. Still, the cryptocurrency industry has managed to gain popularity and mainstream success all around the world.
Although, the United States of America urges all its citizens and companies to not take part in crypto-activities, yet the industry is slowly spreading its network in the United States.
The cryptocurrency industry has even gained recognition in the United States mainstream markets. Some of the major firms such as MicroStrategy, JPMorgan, PayPal, and MassMutual have already spent millions on acquiring Bitcoin (BTC).
When it comes to investing, MicroStrategy, which is a major business intelligence firm has spent a total of $1.125 billion to acquire Bitcoin (BTC) throughout the year 2020.
However, the mainstream recognition and adoption of cryptocurrencies have only begun in the entire world.
As per the recent reports, SkyBridge has revealed its interest in investing in cryptocurrencies. SkyBridge is a prominent investment firm that was founded by Anthony Scaramucci. Before finding SkyBridge, Scaramucci was the Vice President at Goldman Sach’s.
IT has been revealed that SkyBridge is aiming to launch a hedge fund that will have Bitcoin (BTC) as one of its investment assets. It has already forwarded the request over to the Securities and Exchange Commission of the United States (SEC) for approval.
Now the wait is for the Securities and Exchange Commission to look into SkyBridge’s request and decide whether it will be allowed to invest in cryptocurrencies or not.
The SkyBridge managed to get approval from the SEC, then it will set out to offer services such as futures, total return swaps, and options to its users.
Given the current developments taking place in the American crypto-space, it would be a wise decision for the American authorities to re-think their strategy around crypto-assets.