Cryptocurrencies and the idea of the blockchain, along with decentralization, have taken the world by storm. But whenever there are some crashes or backfiring done at the crypto market that sends the majority of the crypto assets wailing down in terms of price, everyone starts to have second thoughts. Before this year’s vicious crypto crash, the banks, government officials, and investment enterprises were all taking Bitcoin and other cryptocurrencies on a serious note. But this recent crash has had everyone second-guessing the position of the cryptocurrencies their objectives with it.
US Representative Jim Himes has come forward with the progress of the Congress about that crypto legislation that has been in the works for some time now. And on a sad note, the congressman cleared the air that Congress won’t be passing the crypto legislation. The congressman has previously spent about 12 years of his life with the Goldman Sachs investment bank. He did ask the businesses to report back their crypto transactions that do exceed the $10k limit to the IRS (internal revenue service).
Cryptocurrency is all but a New Concept for his Colleagues, According to a US Congressman
According to the congressman, most of his colleagues don’t clearly interpret what cryptocurrencies are, what these can do, and the dangers of investing in them. So, in plain truth, Congress hasn’t spent much time on this new crypto legislation, and thus, its passing is being slowed down. According to the congressman, the passing of the crypto legislation is not going to commence anytime soon, but more and more of his colleagues are becoming aware of what cryptocurrencies are and such.
If more government officials are becoming aware of the crypto side of things, what kind of government control should observers look out for in the future? At present, it seems that Congress is busy with other important tasks, and it doesn’t see cryptocurrency as something worthy of its time. There should be more awareness developed around the use and benefits of cryptocurrency so that officials can make a more informed decision instead of tucking away the crypto legislation on some random desk to collect dust.