As you probably know, crypto adoption directly depends on regulation. Without regulation, businesses hesitate to go into crypto, even though there is huge money in it right now. With businesses avoiding coins, regular people have less confidence to try it out. Sure, they have likely heard of crypto by now, maybe even of the amazing investment opportunities that are constantly encountered in the industry.
But, most people likely think that it is too complicated for them to join up and profit, or that the tales are fake and meant to attract gullible people and take their money. If the financial authorities can regulate crypto and provide guidelines, rules, and definitions, businesses would be able to make their move, which would help in two ways. First, it would bring legitimacy to crypto among those who are still fearful of it, and second, it would boost development, making the crypto industry easy to access and benefit from.
Eliminate Barriers to Innovation Act of 2021
A few weeks back, the act known as Eliminate Barriers to Innovation Act of 2021 was affirmed by the US Congress, and the Bill reached the Senate, where it is currently still under review. If it passes the Senate and becomes the law, it will lead to the creation of the working group that would be able to focus on creating sensible regulation, and that would be a major step towards achieving the goal.
The biggest issue so far was not the lack of regulation but a lack of a regulatory body that could create regulation. The new act will help create a working group that would fill that gap and allow the regulation of crypto to progress.
Are you looking forward to regulated cryptocurrency?