I can see from this information that the government of US have a big interest in cryptocurrency but they are doing as if they don't care about the profitable digital assets.
They have been partial to cryptocurrency for quite some time.
Now I see the reason why they are having issues with exchanges, because they have seen the billions that exchanges are making a day.
Nothing personal,
just business the government of the U.S. is ousting a competitor in order to get its share of the cryptomarket.
The ETF launch also broaden their knowledge to see how the world have moved their assets over to cryptocurrency, and now they are trying every means to see how they can regulate it.
Money poured into cryptocurrencies is not invested in the traditional stock market, leaving the government without its taxes and its share. They have long wanted to regulate this area, but did not know how to do it, but it seems that now governments are systematically approaching this solution.
It did not just stop at there, the government also want to have their own piece of cake, by having the intention that banks should be permitted to be in custody of cryptocurrency.
This function is already performed by exchangers, but
outside their jurisdiction. Requiring banks to be in custody cryptocurrencies is similar to moving cryptocurrencies to government-controlled banks and displacing money exchangers as service providers. It’s curious, will cryptocurrencies as
“out-of-bank money” ultimately end up in banks?
Is this another way in which Biden is thinking the government can be in control over the crpto space.
It will certainly be easier to control cryptocurrencies in
your own banks than in
foreign exchangers.
