U.S. and French regulators are calling for crypto regulation before it’s too late

Some politicians and regulators are in a rush to review and balance cryptocurrencies – realizing they need to exercise some form of control over the sector.

And so, US and French regulators are calling for crypto regulation before it’s too late

U.S. and French regulators are calling for crypto regulation before it’s too late

In the USA, the legislature wants to take a path that regulates the status quo more strictly – and wants to eliminate the anonymity of cryptocurrency transactions, which once again shows its ignorance of the status quo.

At a virtual event hosted by Axios, Illinois Democratic representative Bill Foster, who co-chairs the House Blockchain Caucus, he hinted that anti-crypto sentiment was growing in Washington. he explained:

“There is a critical opinion in Congress about the growing anti-cryptocurrency that if you participate in an anonymous cryptocurrency transaction, you are actually participating in a negative criminal conspiracy.”

Foster has stated that one way for the crypto sector to appease lawmakers is to remove, or at least remove, an anonymous portion of the cryptocurrency.

He added that cryptocurrencies should strive for “pseudo-anonymity” so that regulators can step in and monitor transactions on the blockchain network to check for possible fraudulent violations. However, as everyone knows, only privacy coins like Monero (XMR) can heavily anonymize their users while Bitcoin (BTC) is already anonymous (though). , Taproot upgrade can improve BTC users’ privacy.

Foster’s idea included the use of a “very tightly guarded key” that could allow courts to access police and regulators in the event of suspected fraud in order to identify cryptocurrency users and reverse the transaction. Otherwise, there could be an increase in ransomware attacks, he suggests.

And in his opinion, the judiciary is a trusted third party addressing this issue, the only solution that will allow the government to gain the control they are comfortable with over cryptocurrencies:

“For most people, when they have a large part of their net worth tied up in cryptocurrencies, they want that level of security from a trusted third party who can solve problems.”

But in France, the sense of urgency has turned into a pleasant feeling when, according to BFM TV, the Governor of the Bank of France, Francois Villeroy de Galhau, urged EU leaders to enact a transparent regulatory framework for cryptocurrencies.

The governor, who served as CEO of BNP Paribas, said he wanted to highlight “the urgency” of regulating cryptocurrencies, adding that “we don’t have much time left – just a year or two”.

Villeroy de Galhau added that there is a threat of “restricting the use of central bank money” in Europe, adding:

“We in Europe have to be ready to act as quickly as necessary, otherwise we risk undermining our currency sovereignty.”

At the same time, the European Central Bank relentlessly praised the digital euro and called it “risk-free”.

However, there are also pro-crypto lawmakers who can help shape more crypto-friendly regulations. For example, US Senator Cynthia Lummis said during the CNBC Financial Advisors Summit yesterday that she would like to see “cryptocurrency like Bitcoin become part of a diversified asset allocation that is diversified”. for the future. “The senator said she had 5 bitcoins and paid $ 330 for the first BTC she bought in 2013.

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