With DeFi platforms like Celsius, Three Arrow Capital, and vault getting liquidation and restricting withdrawal activities, Bitcoin falling from its all-time high of $69k 70% down there will be more need for introduced regulatory bills to the crypto space for top officials crypto are highly volatile and should be regulated at all cost even if it means making undesirable rules for investors, regulations are such a welcome idea so long it will increase adoption and invite more institutions to venture into the new finance world.
Charlie Munger a bitcoin critic warns investors against investing in digital assets like Bitcoin he calms crypto is an investment created from nothing and only a fool would venture into such risky activity, at all costs he is avoiding the digital asset and against anyone who wishes to buy into it. such high-profile business tycoons can influence investors who wish to start somewhere small in crypto with their statements they could easily discourage new enthusiasts.
Biden's Crypto Order U.S. treasure needs public opinion
Biden's executive order on crypto regulation in March was a positive approach made by Biden's administration to look into crypto and it's impact in the economy several financial bodies were invited to review how crypto technology will benefit the world.
Given that, the general public has also been invited to give their opinion on what they think about cryptocurrencies in finance, this will allow the U.S treasury finance department to have a good option of how U.S. citizens feel about crypto use in their lives for transactions and other activities this will further be used to justify how crypto will be regulated in the country.
On Tuesday, the U.S. Department of the Treasury announced an open invitation for comments on President Joe Biden's Executive Order on digital assets.
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Other environmental protection agencies have also been asked to submit their opinion impact of bitcoin on the environment these are all welcome development as they are steps toward having an understanding of crypto regulations.
UN on regulation Crypto Wallet and bitcoin ads should be ban
the United Nations Conference on Trade and Development (UNCTAD) stated the disadvantages posed to these nations by cryptocurrencies far outweigh the benefits they may bring to individuals and financial institutions. And the document goes as far as to suggest developing nations require the mandatory registration of all crypto wallets and ban advertisements related to cryptocurrencies.
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Regulation of crypto wallets, banning crypto-related social activities, and institutions should refrain from crypto ads all these are far-fetched from having a friendly regulated crypto atmosphere, this will only make it difficult for crypto users, am sure these are cheap talks which would not be implemented having control of users crypto wallets means the idea of decentralization is been defeated imposing high tax fee for users also means an average investor will have no option but to look for a safer alternative to source income.
Final thought
Though I don't see crypto regulations for the meantime to be an easy cheap talk task since crypto is an alternative monetary system that works parallel to the centralized system and it's far from being solely controlled easily by regulation officials we should brace ourselves probably for even tougher regulatory terms to would only further strengthen the space.