Washington [US], December 28: The US Congress and the administration of President-elect Donald Trump are expected to bring about policies friendly to businesses and investors in "virtual" currency.
Cryptocurrency businesses have spent about $130 million to support pro-cryptocurrency candidates running for Congress, just as billionaires in the industry were willing to spend big to bring Donald Trump back to the White House in the recent election. Now, businesses and cryptocurrency investors are expecting changes in policy and legal mechanisms to create leverage to develop the industry.
Comprehensive law needed for "virtual" currency
On December 26, The Hill quoted Mr. Kristin Smith, General Director of the Blockchain Association - a non-profit organization in the US promoting innovative policies for digital assets, saying that with a pro-crypto Congress and president next year, the pieces are ready for Washington to come up with smart policies, including laws on market structure and ensuring stable currencies.
Several comprehensive cryptocurrency bills have been introduced in the US Congress in recent years. Businesses are particularly looking forward to the Financial Innovation and Technology for the 21st Century Act (FIT21), which would provide protections for the cryptocurrency industry and outline the authority of the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC). In May, FIT21 became the first major cryptocurrency bill to pass the US House of Representatives, but it failed to get a vote in the Senate.
In addition, cryptocurrency leaders have also been actively lobbying for Donald Trump to issue a favorable executive order in his first 100 days in office. Trump's recent personnel selections have brought optimism to the industry. One of them is the selection of former SEC commissioner Paul Atkins to become the new head of the agency. "Mr. Atkins recognizes that digital assets and other initiatives play an important role in making America greater than ever," Mr. Trump said. The US president-elect also announced the establishment of a "cryptocurrency council" on December 22, one of the priorities mentioned by Kristin Smith in a letter to Mr. Trump and members of Congress.
Source: Thanh Nien Newspaper