It was not too long ago when the only people who took interest in crypto were mostly tech enthusiasts. However, things are not quite, as they used to be a few years back, as a lot has changed. Nowadays, most people have their eyes on the losses and wins of the people who are heavily involved in the world of cryptocurrencies. Enthusiasts and casuals also have keen eyes on the architecture of trust that could be used for accessing financial products and democratizing them.
Needless to say, the crypto industry and the vast landscape surrounding it is not the same as it used to be. While there is no denying that state, as well as federal regulators, have shown up on crypto-heavy stages, they have been active in such spaces previously as well. What’s more, they have even gone as far as taking drastic actions for regulating crypto and prosecuting individuals who did not utilize this tremendous innovation the right way.
At its core, crypto will always remain a digital currency. It is one of the biggest reasons why it does not have any sort of physical form. What’s more, you can never place it inside wallets as one would do with cash. Neither can you hold your crypto inside a four-walled bank or even a vault? If you have been following crypto for a while, you will be aware of the fact that it is made using the famous blockchain technology.
It is also worth keeping in mind that most of the renowned cryptocurrencies make use of cryptography for recording as well as managing transactions, particularly on distributed and decentralized ledgers. Believe it or not, there have been plenty of states that took steps for encouraging innovation related to crypto. This can be seen by the fact that the Governor of Nebraska recently signed legislation, which formed a bank charter dedicated towards digital asset depository institutions.
During the last year, the Department of Justice released, for the very first time, guidance reported that was especially dedicated to cryptocurrency. The main intention of that report was to offer assistance to crypto firms in complying with current legal obligations. In addition, they also released warnings stating that the technology of crypto generated national security threats to a serious degree.
With all that said, it is abundantly clear that regulators are making their presence known in the vast crypto world. This just goes to show that they indeed want a piece of the action, which is not a bad thing by any means.