U.S. regulators can, by and large, use existing laws to supervise cryptocurrencies and other digital assets like NFTs, according to the Center for American Progress.
The influential think tank believes that cryptocurrency regulation can largely be achieved without bringing any new laws to the statute. This could mean that various agencies, including the Commodity Future Trading Commission and Securities and Exchange Commission, will have an easier time of bringing cryptocurrencies under their supervision.
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Regulation
Although regulators are yet to work out how they can effectively regulate cryptocurrencies, there has been a lot of talk about the necessity to do so, especially when regarding stablecoins that the creators have linked with fiat currencies, including the dollar.
Last year, The U.S. Treasury Department passed responsibility for cryptocurrency regulation over to Congress and it does not seem like a whole lot of progress has been made, but that could soon now change.
Tougher stance
Many progressives are concerned about the inherent risk in cryptocurrency and how investors can be better protected by regulation laws with many hoping for a tougher stance to be taken on all things crypto.
The Center for American Progress believes that Congress may be able to plug various gaps in the current framework for regulation so that they can make it easier to create rules around trading in crypto, but as it stands now, very little movement has been made and it is anyone’s guess when or even if that will happen. All we can do is watch and wait.
