Wall Street was once ‘substantially prohibited’ from investing in small cryptocurrencies
I use the word ‘substantial’ because there is no clear law prohibiting investment in small cryptocurrencies, but the previous government exerted tremendous pressure on cryptocurrency innovators and investors. Cryptocurrency banks have been shut down by the government, founders and funds have been sued and ‘de banked’, and protocols are being continuously monitored and investigated. Therefore, innovation stagnates and capital dries up. Who is willing to risk going to jail and having their lives ruined?
But now the situation is changing. The US House of Representatives has just concluded its “Cryptocurrency Week”, during which lawmakers voted on three new cryptocurrency bills:
The GENIUS bill will provide the first truly stable coin framework for the United States.
The Anti CBDC Surveillance National Act will prohibit Washington from creating government controlled stablecoins.
The CLARITY Act will address the most challenging regulatory issue in cryptocurrency: the classification of tokens.
In short, these bills legalize cryptocurrency. The House of Representatives has passed all three bills, and Trump has signed the GENIUS bill into law. At the same time, anti CBDC and CLARITY bills are being submitted to the Senate. This is a major victory for cryptocurrency.
These three bills are part of a broader effort to promote the legalization of cryptocurrencies. The clarity of regulation is the key to unleashing trillions of dollars in funds on Wall Street and will ignite a wave of cryptocurrency innovation.
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