September 27, 2022

Michael Saylor and Cathy Wood Assess Regulation Risks for Bitcoin

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The US authorities have changed their position on cryptocurrencies, and the upcoming regulatory steps are not a cause for concern. This was announced at the Bitcoin 2022 conference by the head of MicroStrategy Michael Saylor and CEO Ark Invest Cathy Wood, writes The Block.

Both speakers admitted that SEC Chairman Gary Gensler could have briefed US Treasury Secretary Janet Yellen “on the importance of preserving innovation and cryptocurrencies.”

According to Wood, political attitudes towards digital gold have changed dramatically, especially since Joe Biden took office as President of the United States. She also countered Yellen’s statements.

Initially, the head of the Ministry of Finance spoke about cryptocurrency as a tool for money laundering and called bitcoin a speculative asset. At the end of March 2022, Yellen announced the importance of digital assets in citizens’ investment decisions.

On March 9, Biden signed an executive order coordinating federal agencies in regulating cryptocurrencies. Prior to this, the president approved a law to finance infrastructure spending.

At the end of March, Senators Cynthia Lummis and Kirsten Gillibrand revealed the details of a bill designed to bring clarity to the regulation of cryptocurrencies. Among other things, the document clarifies the definition of a broker in terms of infrastructure and provides for the creation of a specialized supervisory agency.

Recall that the White House predicted additional revenues of $ 11 billion from taxes on cryptocurrencies.

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