Ever since the cryptocurrency industry has made its way into the United States, it has faced a hard time from the country’s regulators. This is because compared to the rest of the countries, the US is very cautious about the security and protection of information of its citizens.
When the cryptocurrency industry was founded back in 2009, it fully existed as a decentralized entity. Over the course of time, the cryptocurrency industry has grown tremendously and it still continues to grow at an even faster rate.
As the industry continued growing, the regulatory authorities from around the world have continued tightening their grip around the crypto-space. This is the reason why the majority of the crypto-giants in the industry have become regulated, or they try to stay as much regulated as possible.
Even after these many efforts, the majority of the cryptocurrency industry is not regulated at all. This is the reason why despite showing somewhat of a flexible attitude towards the crypto-sector, the US regulators cannot let their guard fully down against the industry.
Since the running year began, the hackers have not only gone for major companies in the United States, but they have also made their moves against government/semi-government industries.
The hackers reportedly made their attempts for ransomware and they successfully got away because of the cryptocurrencies and blockchains that are manly decentralized.
The regulatory authority in the United States showing no flexibility towards the crypto-industry in terms of regulations is the US Securities and Exchange Commission (SEC). During Donald Trump’s tenure as the president of the United States, the US SEC was aggressive against cryptocurrencies.
However, as Joe Biden’s administration took control of the office, the cryptocurrency industry no longer feels threatened. Still, the regulatory authorities are concerned about cryptocurrencies being mainly unregulated, making them unsafe and insecure for US citizens and the government.
The concern over the US SEC being very firm towards the demand over crypto-regulations was shared by the US crypto-community with the US SEC’s chief, Gary Gensler. Therefore, Gensler shared his remarks on the cryptocurrency industry as well as its future in the US.
He stated that by now, the entire country and even the entire world is well aware of the potential the crypto-sector holds. The world knows how much potential crypto-technology has but the world is also well aware of the use cases it has ended up offering.
It is a fact that the crypto-industry is growing larger with time. The existing cryptocurrencies and other crypto-related firms are growing into giants. Unfortunately, it will become near impossible for such giants to survive without the implementation of regulations.
If the cryptocurrency sector wants to expand in the country and around the world, then it needs to be regulated as quickly as possible.