The ‘Digital Trade Clarity Act of 2022’ should provide more certainty for companies in the US. It essentially clarifies existing rules and guidelines. Consider, for example, conservation laws.
The United States, like many other countries, is struggling with regulations surrounding Bitcoin and cryptocurrencies. Senator Bill Haggerty, a member of the banking committee, said his proposal would provide more clarity.
He wants to improve two important things:
- Classification of digital assets
- This eligibility also includes existing provisions
These are issues that crypto exchanges and other companies in the industry struggle with. However, such things should not be expected to come anytime soon, which will have a positive effect on the industry.
The Digital Trade Clarity Act of 2022 must first pass the Senate and the House of Representatives before it ends up on President Joe Biden’s desk.
Hagerty: “Uncertainty about digital property regulations presents entrepreneurs and businesses with a choice: move to vague rules in the U.S. or go abroad with clear rules.”
So the senator from Tennessee wants to strengthen America’s competitive position. The average bitcoiner probably shrugs his shoulders at these kinds of rules. But it is important for large companies and investors to invest in an industry with clear rules. You always have uncertainty, but the average entrepreneur wants to control it.
America and Bitcoin
In case you missed it, the US dollar is still the most important currency in the world. Bitcoin’s promise is more ambitious: to replace the dollar as the reserve currency for the entire economy. The question is whether it will ever work.
In the US we are seeing more and more people in politics talking about Bitcoin and the industry around it in particular. Both supporters and opponents are now using it in their campaigns. For example, states like Texas and Wyoming are betting on Bitcoin in their own way. New York State has one of the strictest licensing requirements in the entire Bitcoin world.
“Passionate analyst. Thinker. Devoted twitter evangelist. Wannabe music specialist.”