Biden’s presidency is in for a tough time regarding crypto space and regulatory oversight that covers it. The crypto industry needs to be regulated consistently if investors and traders are to get along with purchasing and investing in the crypto assets; that is the main motive of the current presidency. But this is not a small feat at all, especially when the committee in charge of making decisions regarding crypto regulations is being biased and sticking with their own beliefs rather than making the decision based on facts and data.
There was a cybersecurity meeting recently where people from various government organizations participated to discuss the impact of cryptocurrencies and their use over the financial pillars of the country and what kind of regulations should be in effect. Crypto was a hot topic of this meeting through and through as senators and participants put out their distinguished opinions about the crypto space and its future in the US.
Crypto Industry Needs To Be Regulated
Many were in support of the idea and wanted it to be more accessible to the general public, some were delving into the same idea but with a little more insight enforced into it, and then there was a participant not at all happy with the crypto industry and called it crime supporting paradigm. Eamon Javers, a reporter from CNBC, did cover this entire meeting and verified that a member of Biden’s cybersecurity team did put forward his concerns regarding the crypto space and asked the government to issue a strict stance and a fully thought out crackdown against the crypto space.
Tech firms and finance leaders were also present in the meeting, and this kind of attitude was not received well among those who were thinking about investing in the crypto industry. The one who shared his harsh understanding of cryptocurrencies is the CEO of some finance company himself. But it did put Biden’s administration in a tight spot as the accusations against the crypto space made by this gentleman are not only endearing but true to some extent. Multiple cyber-attacks of the past either targeted the crypto world or definitely revolved around it by asking for ransoms to be paid in cryptocurrency. This is something the government should keep an eye out for and pull out the necessary regulations for the sake of keeping it under control.