Crypto Turnaround Coming for the US?

December 2023

Although crypto has been around for a while now, and is on the rise worldwide, there is still a great disparity in how it is treated in different jurisdictions. Whilst many countries are increasingly looking at crypto and blockchain to solve existing issues and inefficiencies, there have been some that still hold out stubbornly against its advance, though there are signs that this is changing. 

Over the past few months, the outlook for crypto in the US seems to be more positive than it has been over the past few years. That’s not to say that digital assets haven’t had their issues or setbacks; the fallout from FTX has had a long shadow and the recent revelations of Binance misconduct and other instances of illicit activity hurt the industry, not to mention the SEC’s constant campaign against what it decries as securities in the crypto space, but overall opinions and decisions that favor crypto seem to be trending upwards. 

One example of this, and one that might be key for the future of crypto in the US, can be seen in a recent event hosted by the Stand with Crypto Alliance in which three presidential candidates spoke up for the idea and ideals of cryptocurrency amidst what some describe as regulators overstepping their remit (a view which has some supporting evidence). 

It’s promising to see that both Republicans and Democrats were represented by the candidates (Republicans Vivek Ramaswamy and Asa Hutchinson; Democrat Dean Phillips), showing that the recognition of this issue extends beyond political boundaries. As reported by CoinDesk, all three candidates voiced their commitment to ‘a clear, cohesive regulatory framework for digital assets’ and hit out at the SEC’s approach to the technology. The candidates also highlighted the benefits that blockchain technology can bring - highlighting transparency and efficiency and the benefits that can bring to current industries.  

Whilst these candidates might not look likely to step into the role of president in the next elections, their stances can point to a shift in the perspective of politicians to a technology which has begun to revolutionize so many areas and which has proved lucrative for some (and maybe for others in the future). As the attitude of the US begins to shift towards a pro-crypto stance it may be that many other countries that still hold out against the crypto revolution prepare to follow, but regardless, it seems that US citizens might soon be looking at engaging with crypto with suitable, non-prohibitive regulations in place. 

For those that want to utilize the benefits of crypto and blockchain technology, and those that seek to prepare for the US shifting its regulatory laws, Blockpass has the perfect solution, facilitating simple, fast and effective onboarding for users requiring KYC and AML controls. Users can then engage with crypto businesses whilst retaining control over their own data and onboard with additional businesses without having to go through long and tiresome forms asking for the same data over and over again. In addition, other services such as Blockpass’ KYB solution provide vital opportunities for those seeking other regulatory solutions. 

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By Matthew Warner