Pro-Crypto Laws

So there has been a new report coming out of the White House. It is a 160 page report that talks about crypto basically. And it is important because the information in it is something that I believe will push crypto further and bring it to more people and overall boost adoption. And in the end a sharp rise in prices. The subject of this is strengthening American leadership in digital financial technology. The headline itself feels like they are kinda serious about these crypto promises which they made during the election. Now this talk might look political, but I assure you it is not. It is purely financial and it is important to traders like you and me to know how the macro situation around crypto is so that we can rest more wisely.

Source

Among the different topics addressed in this report, one is market structure. It supports clear regulation for digital assets suggesting non-securities should be regulated by cftc and which are actual securities will be regulated by the SEC. This might ensure more knowledge to people actually listing out businesses without having to worry about which agency will knock on their doors. Then there come the banks. Previously banks in the United States and around the world. Even now do not treat crypto as an actual asset. Rather if you are caught transactioning crypto-affiliated money through your bank account, your bank might freeze your account. This report urges Banks not to do so and they simply say to treat crypto businesses like regular businesses. This will incentivize a lot more people to get into cryptos now that the bank hurdle is gone and you don't have to look over your shoulder all the time. But you cannot go without approving a new sort of business without taxing it. So obviously they do want to tax crypto. Except there will be exemptions on small transactions and taxes will only be put on airdrop rewards, mining or staking.

Now obviously I didn't read the whole thing. I only read the gist out on the internet but if these things are implemented properly then crypto will be embedded into the financial system like any other business and more people will be open towards adopting it as it is now deemed legal even by lawful standards.