Crypto Regulation will Benefit Bitcoin, Says MicroStrategy CEO Michael Saylor

The crypto industry needs to be regulated, according to market leaders. MicroStrategy CEO Michael Saylor explained that regulatory clarity around the crypto industry is bullish for Bitcoin.

Recently, Janet Yellen, the Treasury Secretary nominee of the newly elected US president Joe Biden said cryptocurrency is involved in illicit activities. Such type of statement from the new government may not prove right for the crypto industry.

But some personalities in the sector believe that crypto regulation will divert investors’ attention more towards Bitcoin and other products.

Regulation is Important

MicroStrategy CEO said that government scrutiny would increase investment in the top digital currency. It is because institutional investors like to invest in regulated assets. He explained that investors are already buying the top digital asset from the exchanges regulated and complied with necessary policies such as Know Your Customer (KYC) and Anti-Money Laundering (AML).

If the US government gives Bitcoin a legal position, it will become a mainstream asset like many other famous traditional assets. At the end of his talk at Salt Talks, he said Bitcoin “needs to be better than gold to be successful.”

Recently, Ripple explained a lot of things that are expected to happen in 2021 regarding cryptocurrency. Stu Alderoty from Ripple said the future of digital assets in the United States is tied to the government’s favorable attitude. The sector needs friendly regulations for growth and innovation. He hopes that Biden’s team may come with healthy improvements in the crypto industry. The chance of cryptocurrency going mainstream is linked with friendly rules and regulations.

However, the Securities and Exchange Commission (SEC) ‘s recent actions were very painful for the crypto community. For example, the SEC filed a lawsuit against Ripple Lab and its top executives to violate SEC’s rules and regulations. The regulator called XRP security and accused the founding members sold a lot of coins for personal benefits. As a result of the lawsuit, many crypto exchanges in the US and outside of the US delisted XRP from the trading platforms. However, the San Francisco-based company is hopeful of the SEC’s coming chair that he will relieve pressure from the company. But there are meager chances that the new head will take down the case against Ripple.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

Decentralized Finance Needs Inter-Blockchain Communication

Whenever we start to turn our minds around the idea of decentralization and how cryptocurrency works, it immediately gets spun towards the idea of blockchain. It is nothing more than a siloed platform that is dedicated to a specific cryptocurrency and works as a Ledger on which transactions taking place in real-time are recorded. Every […]

Venezuelan International Airport Has Started To Accept Bitcoin Payments

The adoption of decentralization continues to proceed at a steady pace, and more and more countries are taking the initiative of accepting DeFi in either a legal or private approach. Recently Venezuela airport has announced to start accepting BTC payments from the passengers. This is done in a private capacity and not the state of […]

Edward Snowden: CBDC Is Not A True Cryptocurrency

There was a time when investors, traders, or even the simplest of businessmen used to do their business in gold. At the time, it was the only acceptable mode of payment on a global scale. Then the mean of economic development rolled, and we were using coins made of bronze and aluminium to preserve gold […]

Brazilian Authorities Want To Legalize Bitcoin

A breath of fresh air comes from Brazil as it makes transitions to engage with crypto-oriented payments in the next few months. According to the Brazilian federal deputy, the whole project is in motion, and there will be an outcome soon enough. On a hilarious note, he said that people would be able to buy […]

New Feature Allows Private Ethereum Transactions

When it comes to mentioning the most elegant blockchain or digital infrastructure regarding cryptocurrency, it is without a doubt that Ethereum blockchain is definitely going to get nominated for that. It is hands down the best crypto blockchain there is, which ensures complete security and efficient transfer of protocols from one network to another in […]