The United States To Face The Cryptovolution Soon
Notwithstanding the increasing popularity of the cryptocurrency industry, the United States continues to hinder the development of this sector.
At the legislative level, cryptocurrencies haven’t been stated and approved by the US government as a means of payment, and the Securities and Exchange Commission (SEC) still classifies tokens as securities. In addition, the United States has a major impact on other countries, both in terms of economy and politics. Consequently, the American “cryptocurrency warming” will no doubt enhance the industry in general.
BlackBall experts, providing marketing services for ICOs, explain why the cryptocurrency legalization in the US is just a matter of time.
Regulatory Tightening And Its Consequences
At the end of the year, the US Securities and Exchange Commission (SEC) was heavy-handed to the companies to launch an ICO, as well as to those that have already done it. The SEC levied fines and petitioned the court to recognize tokens as securities. Some trials were lost, some were recognized, but this significantly decreased the US attractiveness for crypto startups.
The consequences soon followed – in January, the American companies experienced the lowest ICO raises ever recorded. In the first half of January 2019, the total raises amounted to $160 million, while eight startups, that issued their ICOs in the United States, raised only $100 thousand.
Meanwhile, many countries, including France, Japan, Estonia, Switzerland, Singapore and others, understand the market prospects and develop the more sympathetic legislation to attract investments. And the US is losing the market in this regard. At the same time, the United States holds the top rating positions in terms of the amount of funds ever collected by ICOs – more than $7 billion.
Advent Of The Pro-cryptocurrency Government’s Rule
Meanwhile, a number of cryptocurrency enthusiasts increased after the last US gubernatorial elections. In the states of Rhode Island and Texas, governors Gina Raimondo and Greg Abbott were re-elected. It is worth mentioning that they were among the first politicians to support the crypto industry in the United States.
Jared Polis became a new governor of Colorado, and Gavin Newsom won California’s governor race.
However, the fact that Mark Gordon was elected to serve as the governor of Wyoming has become particularly vital. Most analysts believe that this could mark the beginning of the cryptovolution, resulting in mass legalization of digital assets.
The First Steps Towards The Cryptocurrency Legalization
The Wyoming State Government has earlier granted tax exemption to cryptocurrency transactions, and in December they passed a bill, requiring banks to provide services to blockchain companies.
The next step is to recognize cryptocurrency as a means of payment. Such a bill, designed by Tara Nethercott and five other politicians, has already been under consideration.
According to the bill, all digital assets will be divided into three categories. Bitcoin and other cryptocurrencies would be classified as “currency” and become the de facto official means of payment in the state.
Chances Of The Bill
The chances of adopting the bill are very high, since the Republican Party is the ruling party in Wyoming today. The party includes the state governor, the senator, as well as the author of the bill Tara Nethercott. Given the governor’s loyalty to the cryptocurrency industry, it’s clear that most expert hope for positive outcome.
In case of the bill adoption, it may trigger a wave of cryptocurrency legalization in other states.
The information on the upcoming cryptovolution in the United States was provided by Bednarsky Vitaly, the BlackBall marketing specialist.