Ever since cryptocurrencies have started gaining ground in the United States, the country’s regulatory authorities have been onto the crypto-industry. Although the stance of the regulators in the United States was always strict against the cryptocurrency sector, ever since its foundation, Trump’s administration proved to be a different story.
As Donald Trump’s administration started running the show in the United States, the regulatory strictness turned into an act of aggression. The regulatory authorities in the United States were after the cryptocurrency sector till the end, as they wanted them out of the country.
Despite all the efforts, Trump’s administration was unable to make it happen and ended up leaving the White House itself. However, Trump’s administration had a huge impact on the cryptocurrency community in the country. The aggression demonstrated by Trump’s administration had traumatized the entire cryptocurrency industry.
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Based on the above aggression, the cryptocurrency community in the United States ended up developing an opinion and perception about the US administration/regulators. The community started perceiving that no matter the regulator in the United States, it was going to hurt the crypto-sector.
This perception led to many cryptocurrency firms leaving the United States for good. They wanted to run their businesses in countries that were welcoming to cryptocurrencies and there were no possibilities of cryptocurrencies getting banned there all of a sudden.
So far, the US Securities and Exchange Commission has managed to prove to the cryptocurrency community that they are right in perceiving that. However, Jerome Powell has come to the front to console the cryptocurrency and Bitcoin sector in the country.
Jerome Powell is the Federal Reserve Chairman in the United States. He has clearly proposed a suggestion to the federal government in regards to cryptocurrencies. Powell was clear in stating that the cryptocurrency sector is here to stay in the United States and the rest of the world.
Therefore, it would only be unwise for the federal government to try and take down or ban the cryptocurrency sector in the country. By now, the cryptocurrency industry has grown so big that it is almost impossible to ban them. He stated that individual investors, as well as mainstream investors from the entire country, have started investing through digital assets.
In the light of the above, it is out of the question that cryptocurrencies can be banned in the country. Now, the only thing that the regulators and the federal government can do in the United States is to regulate cryptocurrencies. The government needs to make them safer and risk-free to trade for their locals and mainstream institutions.
Jerome Powell stated that it would be completely unwise for the government of the United States to take the same action as the Chinese Government.