Us ban cryptocurrency
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A big issue is the scams users are susceptible to. Russia, India, and other countries have also feared about cryptocurrencies affecting their financial systems. The US, on the other hand, is not one of the countries that are looking to fully ban cryptocurrencies - at least not yet. In fact, Federal Reserve chairman Jerome Powell said in the fall that there are no intentions of banning cryptocurrencies including Bitcoin.
Meanwhile, reports in the media suggest that President Joe Biden is planning to issue an executive order that will advise government agencies to take a look at cryptocurrencies and currencies from the central bank. The order is reportedly delayed because of the war between Russia and Ukraine. The only crypto change that is confirmed is how transactions will be reported in the future. Since the very beginning of the crypto trend, lawmakers in Washington D. C have tried to come up with new and unique ways of controlling or regulating cryptocurrencies, and some have even gone so far as to ask for a ban on cryptocurrency in general.
As of , cryptocurrency is completely legal in the United States. Anyone is allowed to buy cryptocurrency, sell it, use it as a medium of exchange, or reject it. But, that does not mean that cryptocurrency is completely unregulated. Crypto is generally regulated through laws that already exist, as opposed to laws created specifically for cryptocurrency. There have been a lot of plans relating to creating specific legislation for cryptocurrency.
This could potentially take away a lot of the freedoms that crypto users are generally used to. In , Joe Biden signed an executive order that was supposed to specifically regulate cryptocurrency in the US for the first time. In short, any crypto project that was created for rug pull or scam purposes, including pump and dump cryptos, could be made illegal in the US.
This is great news for a lot of people, but it also worries some other people. This could potentially be the start of a banning game for certain cryptos, and some cryptos might even be used in scams the creators never intended. The executive order also asked the Financial Stability Oversight Council to find any gaps in the regulation of cryptocurrency.
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