Regulation instead of adaptation: Bitcoin bullrun meets state skepticism

Von | 15. Februar 2021

Given the ongoing Bitcoin soaring, some crypto enthusiasts will feel vindicated. However, the state monetary authorities and business leaders continue to reject Bitcoin as a serious alternative to dollars, euros or yuan. Regulation instead of adaptation is the motto here. Whether Christine Lagarde, Janet Yellen or the United Nations – a skeptical tenor continues to prevail on the highest political floor.

Money laundering, terror, drug trafficking: ECB President Lagarde and US Treasury Secretary Yellen rely on regulation

The female dual leadershipthe western economic world continues to reject cryptocurrencies. Regulation instead of adaptation is the motto of the European Central Bank and the US Treasury. Last week, ECB President Christine Lagarde reaffirmed this position at an online conference. The top monetary guardian of the euro zone emphasized that she does not see Bitcoin as a real currency. There was a similar sound from the other side of the Atlantic. Many had actually expected an opening in the direction of crypto space from the changing of the guard in the White House. Most recently, however, US Treasury Secretary Janet Yellen also underlined her skepticism. She can recognize the potential of new technologies. However, cryptocurrencies are the tool of choice for drug smugglers and terrorists. In view of this, legislative adjustments are needed soon.

The latest report that cyber investigators have now submitted to the UN Security Council shows that Yellen and Lagarde are not entirely in the dark with their statements . In it, the experts raise serious allegations against North Korea. According to their report, the dictatorship, disreputed as a rogue state in the West, would use cryptocurrencies to fund its sanctioned nuclear program. State hackers are targeting crypto exchanges such as KuCoin for this purpose. This fell victim to the resourceful state officials from Pyongyang last year.

Bitwise Fils Crypto ETF Application: Will SEC Soft?

Similar to their superiors in the Treasury Department, the US securities regulator SEC was until recently seen as a stoic crypto opponent. Now observers suspect that the authority will soon rethink. The latest application by a crypto ETF , which was last submitted by fund manager Bitwise , gives rise to such speculation . In view of the Bitcoin bullrun, supporters hope for the blessing from Washington. The latest statements by SEC Commissioner Heister Pierce show that they are not imagining opportunities for no reason. She recently announced to the US industry service Coindesk that the financial markets are ready for Bitcoin papers.

US Senator invites Tesla CEO Elon Musk to move to Wyoming

If you believe analysts, Tesla’s crypto investments are said to have played a major role in the recent price sprints. Its boss Elon Musk received an invitation from US Senator Cynthia Lummis to move to her home state of Wyoming. With a business-friendly legal framework, the republican-ruled state has become a blockchain pioneer in the USA for some time. Breaking down your tents, turning your back on Silicon Valley and looking for happiness in the Rocky Mountains – what for a long time seemed little more than a mental game, more and more people will trust Musk after his unexpected investments.