🇺🇸 The U.S. House of Representatives is set to vote on bill HR 4763 — the Commodity Futures Trading Commission (CFTC) will regulate a digital asset as a commodity if it is functional and decentralized.
The SEC will regulate a digital asset as a security if it is not decentralized.
🤷 SEC Chairman Gary Gensler has sharply opposed this bill. He believes that if HR 4763 is approved, it will create "new regulatory gaps and undermine decades of precedent regarding oversight of investment contracts, exposing investors and capital markets to immeasurable risk."
💪 President Biden has already stated that he will not veto HR 4763, which will allocate regulatory powers over crypto between the CFTC and SEC.
👀 The Biden administration also announced that they plan to work with Congress on balanced cryptocurrency regulation.
✔️ Rumors are swirling that the Democrats have sharply changed their stance on cryptocurrencies ahead of the upcoming elections.
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Regulation would be a good and bad thing for crypto prices. It's definitely a complicated topic.
It will be bad because government would try to control and manipulate the market and it will be good because government accepting it will lead to more adoption and possible price increase