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November 28, 2021

Crypto and Regulation

2021 saw explosive growth in crypto and also brought regulators to its doorstep across the globe. We saw various levels of crackdowns. From China to the US, it has become clear that government organizations are trying to better understand the space and reel it in.

Some notable events:

  • As is customary, China banned crypto a few times this year, but this time it was larger in scope and swiftly carried out such that Bitcoin mining shifted to the US

  • The Biden administration passed the infrastructure bill that had a crypto tax provision that saw backlash from the crypto community due to its poor language. Senators Wyden and Loomis are working on an amendment which aims to pass later this year. It is clear from party standpoints that Republicans have seemingly embraced crypto, while leadership within the Democrats are likely against it

  • India introduced a crypto bull in parliament that will likely be decided before the session ends before Christmas. Per comments made by the Modi administration, it is unlikely crypto will be banned in the country, but they are against it as a form of payment. The uncertainty around the bill has led bitcoin to trade at a discount when compared to other markets

  • The SEC, Fed, CFTC and others in the US continue to push back and evaluate the crypto space. Gary Gensler has taken an aggressive stance towards the crypto space. Various fines, penalties and lawsuits have popped up throughout the year. Although there has been a lot of chatter and aggressive statements by various leaders, it remains unclear on what actions, if any, will be taken in the US

Thank you for reading!

Don't forget to come into the app tomorrow to continue learning about crypto! 

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