Bitcoin Regulations are Inevitable, Says US Congressman

Bitcoin is not something that is the point of discussion for techno-geeks and IT-circles anymore. It has shed its baby skin and gone through a transformational metamorphosis. Bitcoin’s conception as a behemoth store of value is something that the industry’s biggest names are unable to look past. While Bitcoin stakeholders are campaigning for a rally with an invigorating vigor, some remain on the other side of the spectrum. 

One such antagonist has come to light from the shadows and broken his silence about addressing the elephant in the room. Thus far, the biggest question in the United States is that the government would start a lockdown on the flagship cryptocurrency, or would it let the decentralized markets yield out their full bloom? According to Kevin McCarthy, sooner or later, the government is going to introduce new regulations for cryptocurrencies.

Centralized Government Reproach and Discrimination Towards Bitcoin

Kevin McCarthy is the Republican leader of the USA House of Representatives. The congressman has been infuriated by the cumbersome silence of the key government officials on the burning matter. McCarthy told the media in an interview with CNBC that it is an obvious fact that the Bitcoin and crypto community is going to keep expanding as time goes forward.

However, the politicians and policymakers have been ignoring the presence of the spade in the region and have chosen to deal it with ignorance. He believes that it would become more difficult to introduce any crypto-related regulations in the region over time. The want of crypto policies and guidelines is not going to go away by looking the other way.

Is the US Government under Pressure by the Crypto market Expansion?

While many governments like India and Thailand have nipped the question of crypto transition in the bud by taking action before the local digital community grows over there. The US government seems to be facing a giant crypto market that has already taken root in the monetary mainframe and seeped into the biggest commerce channels. 

Not only, digital currencies are surpassing organizations like Apple Inc., but the crypto enterprises like Coinbase and Kraken are on their way to dominating the market giants like PayPal, Goldman Sachs, and Amazon in the secondary markets. Thus far, no government policies have been clear to regulate digital assets like Bitcoin and many others. Only time will tell that what the future holds; however, any federal authority is abstaining from speaking on the matter.