The Brookings Institute prepared a synopsis of the “competing priorities facing U.S. Crypto regulations” in the coming years. The commentary prepared by Brookings accurately reflects the Biden administration’s attitude towards cryptocurrency right now: “to both support development of cryptocurrencies and to restrict their illegal uses”.
However, a laissez-faire attitude towards regulation today may make the industry much more difficult to meaningfully regulate even three or four years from now. And it means more uncertainty in the near future for cryptocurrency holders. Administrative agencies, the Executive branch, the Legislative branch and even the Courts have had relatively little to say about cryptocurrency in the previous decade. Seeing federal and state legislatures taking the first stabs at regulating “PoW” vs. “PoS” consensus models indicate all of these different governing bodies will seek to exert more influence over this growing sector.
Brazilian President Jair Bolsonaro on Thursday morning signed a bill into law that establishes a complete regulatory framework for the trading and use of bitcoin in the country, according to Bitcoin Magazine. The new rules recognize bitcoin as a digital representation of value that can be used as a means of payment and as an investment asset in the South American nation.
A virtual asset is "a digital representation of value that can be negotiated or transferred electronically and used for payments or as an investment," per the bill’s text.
The new law, which goes into effect 180 days after today’s signature, does not make bitcoin or any cryptocurrency a legal tender in the country. Notwithstanding, the legitimacy conferred upon BTC’s use case as payment is meaningful and has the potential to spur greater activity in the country. The extent to which that happens, however, is dependent on the actions of the regulator in charge, according to the same Bitcoin Magazine article.
The executive branch will select the government bodies that will oversee the market. The expectation is that the Central Bank of Brazil (BCB) will be in charge when bitcoin is used as payment, while the country’s securities and exchange commission (CVM) will be the watchdog when it is used as an investment asset. Both the BCB and the CVM, along with the federal tax authority (RFB), helped lawmakers craft the overhaul legislation, as reported by Nasdaq.com.
We all love a silver lining!
2022 has been a hectic year for companies in the crypto space - that’s putting it politely. The bubble has popped (or is popping) which paves the way for legitimate companies to emerge (and be created), not unlike the dotcom bubble.
FULL ARTICLE: Farm to Miner: The Silver Lining in Crypto Mining
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