Old Money vs New Crypto Money. The cryptocurrency situation in the USA.

Primarily, it was started the ordinary crypto news like that:

⚫️ Zuckerberg is called to address the ‘breeding ground’ of crypto scams on Facebook. In the United States, a group of Democratic senators has reportedly asked Meta CEO Mark Zuckerberg to provide details on the social media giant’s policies regarding cryptocurrency fraud.

⚫️ “False and misleading claims” by Celsius and its CEO. The ​​Vermont Department of Financial Regulation accused crypto lending platform Celsius Network and CEO Alex Mashinsky of misleading state regulators regarding the firm’s financial health and its compliance with securities laws.

⚫️ Crypto assets are no longer niche, according to IMF. In a new report from the International Monetary Fund (IMF), experts noted that crypto assets have firmly shifted away from being “niche products” to assets used for speculative investments, hedges against weak currencies and payment instruments.

But then, interesting things began to happen. ⬇️

Gurbir Grewal, the enforcement director for the United States Securities and Exchange Commission, said the financial regulator will continue to investigate and bring enforcement actions against crypto firms, despite the narrative of “picking winners and losers” and “stifling innovation”.

The SEC enforcement director added:

💭“Non-enforcement of the most fundamental rules underlying our regulatory structure would be a betrayal of trust and not an option for us […] We will continue to bring actions regardless of what label is used or technology is involved (or not). Failure to do so would constitute an abdication of our responsibilities.”

➡️ According to the latest news, we’re figuring out that The United States Department of the Treasury will be calling for comments from the public on digital assets, including their views on how regulations may address the illicit uses of crypto.

In a document set to be published in the Federal Register on Tuesday, the U.S. Treasury requested public comment on “digital-asset-related illicit finance and national security risks as well as the publicly released action plan to mitigate the risks” related to President Joe Biden’s executive order on crypto from March. The department invited the public to share their thoughts on the regulatory obligations the U.S. government had imposed that were “no longer fit for purpose as it relates to digital assets” as well as offer suggestions for alternative regulations addressing illicit finance risks and vulnerabilities.

Very interesting, but not informative, isn’t it? Okay, let’s talk about the situation in California⬇️

▪️ According to BeInCrypto — Congressman Brad Sherman, a well-known cryptocurrency skeptic, claimed that the “money and power” that support the sector will prevent crypto from being outlawed at the moment.

💬 “Money for lobbying and money for campaign contributions works, or people wouldn’t do it, and that’s why we haven’t banned crypto. We didn’t ban it at the beginning because we didn’t realize it was important, and we didn’t ban it now because there’s too much money and power behind it,” the Democratic Representative explained.

Sherman has been constantly raising concerns around virtual digital assets, for both investors and the financial system at large, hoping to get them banned. Last year, he stated:

💭“Cryptocurrencies have the political support of patriotic anarchists who are rooting for tax evasion. I hope we shut it down.”

And more information⬇️

◾️ A bill potentially requiring cryptocurrency service providers to register before operating has been passed by the both houses of the California State Legislature.

If passed, Assembly Bill №2269 would amend California’s financial code, bringing digital assets under its purview from Jan 2025. Anyone engaging in “digital financial asset business activity” would have to become properly licensed with the state’s Department of Financial Protection and Innovation before they could legally operate there.

However, cryptocurrency industry advocates have spoken out against the proposed legislation. Prior to its passage in both houses, the Blockchain Association, a crypto lobbying group, urged assembly members to reject the bill. Instead, the group suggested that legislators engage with the process laid out in a recent executive order from Governor Newsom.

◾️ According to its announcement, the bill “creates shortsighted and unhelpful restrictions that would impede crypto innovators’ ability to operate and push many out of the state.” The association said that it would also prevent most stablecoin issuers from operating in California, which it argues deprives the state of “significant economic activity” and “countless jobs”.

🔝 But actually, looking at the enthusiastic American people, I can make the conclusion that the development of cryptocurrency will not stop in the USA no matter what problems will happen with the crypto market in future.

From the latest news in the development of digital technologies. We can find a lot of interesting facts. For example, Major financial firms have teamed up to create EDX Markets (EDXM), a new exchange that will trade digital assets through trusted intermediaries. The exchange will provide services to institutional and retail investors ⬇️

The new exchange will be backed by Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital and Virtu Financial, according to an announcement released on Tuesday. Jamil Nazarali has moved from Citadel Securities, where he was global head of business development, to the exchange as its CEO.

The EDXM board of directors, made up of representatives of the founding members, commented:

💬 “Crypto is a $1 trillion global asset class with over 300 million participants and pent-up demand from millions more. […] Unlocking this demand requires a platform that can meet the needs of both retail traders and institutional investors with high compliance and security standards.”

Policies that support cryptocurrency:

1️⃣ Jared Polis

🔹 Jared Schutz Polis is an American politician and businessman, serving as the 43rd governor of Colorado since January 2019.

Jared Polis wants the state to become the first to let residents use cryptocurrency to pay taxes. He signaled a hands-off approach to regulation of it when he signed a law in 2019 that exempts so-called digital tokens from securities laws that govern things like stocks and bonds.

2️⃣ Rand Paul

🔹 Randal Howard Paul is an American physician and politician serving as the junior U.S. senator from Kentucky since 2011.

💬 “I’ve been amazed at the growth of it and I’ve always been, you know, more a person who believed that our currency should be backed by something of real value like gold or silver or commodities, and always was wondering well crypto is not backed by anything either,” — Paul said.

3️⃣ Ted Budd

🔹 Theodore Paul Budd is an American businessman and politician serving as a member of the United States House of Representatives for North Carolina’s 13th congressional district.

REP. TED BUDD LEADS BIPARTISAN PUSH TO EASE CRYPTO REGULATIONS IN INFRASTRUCTURE BILL ⬇️

📢 “As supporters of American financial innovation, we believe it is paramount that the United States propose clear legislation to encourage growth and development of blockchain networks. We fear that the current proposal does the opposite.”

4️⃣ Darren Soto

🔹 Darren Michael Soto is an American attorney and Democratic politician from Kissimmee, Florida, who is the U.S. representative for Florida’s 9th district.

Soto introduced two bipartisan bills last summer, the Blockchain Innovation Act and parts of the Digital Taxonomy Act, which were the first blockchain bills to ever pass the House as part of H.R. 3723, the Consumer Safety Technology Act. Soto explains the many challenges facing crypto’s advocates in Washington, from educating colleagues to outdated securities laws.

5️⃣ Trey Hollingsworth

🔹 Joseph Albert “Trey” Hollingsworth III is an American businessman and politician who is the U.S. representative for Indiana’s 9th congressional district, serving since 2017. He is a member of the Republican Party. Hollingsworth serves on the House of Representatives Financial Services Committee.

💬 “As we have seen in the events over the past few months, algorithmic stablecoins can be extremely volatile and lead to disruptions across the digital asset market. That is why it important that we act quickly to provide regulatory certainty for reliable fiat-currency backed stablecoins that hold their reserves in high quality assets. Specifying that fiat-currency backed stablecoins are not a security nor a commodity is the next step to ensure safe and stable investment in these digital assets,” — said Rep. Hollingsworth.

Latest news of crypto market:

1. Jesse Powell, the co-founder and CEO of cryptocurrency exchange Kraken, will be stepping down after leading the platform for more than 11 years. In a Wednesday announcement, Kraken says Powell will be succeeded as CEO by chief operating officer Dave Ripley, who has been with Kraken since 2016.
2. The global digital bank FV Bank is the latest financial platform to enable deposits in Circle-backed stablecoin USD Coin (USDC). FV Bank on Wednesday announced the launch of a new service allowing its account holders to make direct deposits in USDC to the bank’s U.S. dollar accounts.
3. The $WBT has just been added to Huobi, a first-class crypto exchange. WBT is a utility token of the largest European cryptocurrency exchange, WhiteBIT. The platform was established in 2018 and has already become one of the leading crypto exchanges with 3+ mln users worldwide. WhiteBIT’s goal is to contribute to the mass adoption and popularization of blockchain technologies by implementing the most effective trading and staking tools on the most convenient terms.
4. The American state of Colorado now accepts cryptocurrency for tax payments, Gov. Jared Polis announced on Monday. The option is already available on the state Department of Revenue website.
5. According to regional news outlet mk.co.kr, the South Korean government has seizedover 260 billion Korean won ($180 million) worth of cryptocurrencies over the past two years due to tax arrears. The country’s politicians enacted regulations allowing for the seizure of digital currencies for tax delinquencies and began enforcing them last year.