As the cryptocurrency industry continues to grow day by day, so does the attention towards it. Bitcoin in particular was praised by many while simultaneously attracting the ire of others.
It should come as no surprise that government and regulatory bodies around the world want to get involved in controlling cryptocurrencies like Bitcoin. To this end, the Republican leader of the US House of Representatives had said that Bitcoin can no longer be ignored and that regulators must act.
The cryptocurrency industry has evolved
During an interview with CNBC, US Congressman Kevin McCarthy said that the cryptocurrency community can only expand in the future. This is certainly true, as in addition to Bitcoin, other altcoins such as Ethereum (quotation ETH) and Binance Coin (BNB) have grown at a breakneck pace.
Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen have been conservative in their commitment to cryptocurrency. Asked about their location, McCarthy said authorities have recently tried to ignore cryptocurrency to make it disappear, mirroring the "if I pretend I don't see it, then it doesn't exist" mentality. However, it has since evolved to the point where they may have to take a closer look and completely change their perspective on the cryptocurrency industry.
Additionally, McCarthy also spoke about cryptocurrency concerns, urging the government to investigate how blockchain could improve government functionality. In related news, he also informed CNBC in 2019 that he liked the decentralized nature of Bitcoin, but that it wasn't exactly where he wanted to be in terms of fighting illegal financing like money laundering.
Regulators are under pressure as the market explodes
At the time of publication, not only has Bitcoin managed to reach a new all-time high but, as we have already said, Ether and Binance Coin have also succeeded. BNB in particular has seen monstrous growth in recent times, with the altcoin only worth around $ 50 a couple of months ago and expanding over 1.000% in mid-April to trade at over $ 600.
Only time will tell what additional regulations the US government will introduce and subsequently implement in the near future. All we can do for now is wait and see what happens.
Of course, those who were smart enough to invest in cryptocurrencies just a few months ago, now have a small fortune in their hands. What about you using cryptocurrency exchanges to buy your digital assets? Or do you rely on trading platforms? In any case, let us know what you think in the comments below.
