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In 2021, the U.S. Congress introduced 35 bills concerning cryptography. Basically, these bills relate to general regulation, blockchain applications and consumer protection.
The US Congress has submitted 35 bills related to cryptocurrencies and blockchain technology in 2021. This year has been a pivotal year for the US industry, with much more attention paid to crypto regulation than in previous years. Most of the laws dealt with general regulation of cryptocurrency, blockchain applications, and central bank digital currencies (CBDCs).
The most famous of these bills was the Infrastructure and Investment Jobs Act, which was formed by the President. Joe Biden and his administration. The bill includes a rule on a cryptocurrency tax, the proceeds of which will be used to fund activities under the bill.
Several Yet notable The bills are the Consumer Safety Technology Act, the Blockchain Innovation Act and the Digital Taxonomy Act. These bills relate to the study of blockchain technology applications and consumer protection.
However, some congressmen opposed the cryptography bill, saying it simply would not work. It is known that several US Senators support class of cryptocurrency assets and are fighting for more flexible regulation.
Unsurprisingly, CBDCs have been one of the main activities of the officials. The government strives to remain competitive with innovation, but does not want to rush things.
2022 will be another pivotal year for cryptocurrency
The US government is relatively slower than other countries, but situations seem to be changing. For example, with regard to CBDC, officials said they would rather “Make it right”than do it first.
Stablecoins have been a particular problem for governments around the world. Not only U.S. Senator Elizabeth Warren and Treasury Secretary Jane Yellen have expressed concern regarding fiat-linked assets, but the US has not passed any formal laws regarding them.
Chairman of the Securities and Exchange Commission Gary Gensler in detail outlined a list of potential challenges on the road to regulation, although nothing serious has yet been implemented. The SEC has been busy with its ETF decisions, but it already seems clear that some action will be taken next year.
Author: Anton Zaitsev, analyst Freedman Сlub Crypto News
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