The cascading meltdowns of LUNA, Celsius, and finally FTX It will not only leave deep scars in the portfolios of investors. Perhaps more fundamentally, this string of missteps is now opening a path for regulators of all stripes who wouldn’t have asked for much to finally have a chance to silence bitcoin and encryption. A turbulent industry, to be sure, but above all one that singlehandedly threatens a well-established financial system. A new law was written today by President Biden which urges countries to provide a robust, coordinated, and international regulatory response to the cryptocurrency threat.
Bitcoin for Biden, Bitcoin is forbidden
in a long time statement Made available on the White House website following the recent G20 Summit in Bali, US President Biden expressed the urgency to respond decisively and in a coordinated manner to the risks posed by Bitcoin and the crypto industry.
The document covers all the topics discussed in the G20, and cryptography is the subject of the whole of paragraph 35:
“We welcome the ongoing work of the Federal Security Service and international standards bodies to ensure that the ecosystem of crypto assets, including so-called stable currencies, is closely monitored, regulated, supervised, and supervised to mitigate potential risks to financial stability. We welcome the approach proposed by the Financial Stability Board to create A comprehensive international framework for regulating activities related to crypto assets, based on the principle of “same activity, same risks, same regulation.” »
If the atmosphere thus appears to be the inevitable creation of an ‘era of regulation’ we shudder to realize that this text may have been created Before FTX disaster that the official document didn’t mention. Ironically, the second major absentee from this announcement is bitcoin, which for regulators we know from experience is one we never speak or write, for fear of having to learn about its legacy.
Blockchain technology and cryptocurrency will soon be at the heart of everyone’s daily life. You can expose yourself to Bitcoin, Ethereum, and other tokens on the bullish exchange. Sign up now on Bitget And start learning about this world (commercial link).