States, is that they try to over-regulate everything and anything, or solve new problems with new and complicated federal or state regulations. Proponents of cryptocurrencies, on the other hand, point to freedom from all possible regulations in the financial or banking sector as their greatest asset. So what happens when cryptocurrencies start to “run wild” and America is ruled by a member of the Democratic Party? You guessed it – a plan of new regulations.
The Biden administration noticed a huge drop in the value of the cryptocurrency market this month, and realized that the high volatility of that market could easily and quickly impoverish many citizens. In addition to large changes in the prices of bitcoin and other leading forms of cryptocurrency, NFT – whose market grew from almost zero to $41 billion, also gained in popularity last year.
An executive order is awaited
All of the above turned on the “red lights” in the White House, so Joe Biden and associates have a plan in the coming weeks to issue an executive order calling on the relevant federal agencies to introduce stricter regulations in the field of digital assets. This initiative will cover cryptocurrencies, NFT and all similar assets, as a “national security issue”.
Ultimately, a comprehensive set of laws and regulations should be created that will coherently present the White House’s policy towards the crypto market, according to the top US authorities. Advisers for national security and economy, finance, as well as the Ministry of the Interior and the State Treasury will be involved in the adoption of regulations.
Since cryptocurrencies move easily across national borders, Biden’s people plan to consult with international partners on this issue. There has been real talk for a long time about greater control, but the NFT market is growing and it is difficult to draw some boundaries. The question is, if something is done about better security, will other countries introduce rules? Will they be different? So many holes in “clear” solutions, this certainly does not prevent the earnings from NFT.
Metaverse is also developing and with it comes greater use of NFT, then some rules will certainly have to be introduced because large companies will also want to have their products in the metaverse as NFT.
At any moment everything is changing and maybe soon we need some new jobs. Will the designers have more work to do now? Will we live more in VR than in reality?