New crypto legislation is on the horizon, focusing on crime and cybersecurity issues as the Trump administration takes charge
A recent report shows that while many Americans are into crypto, a good chunk still feels uneasy about it. Only 17% have actually traded in it, and a whopping 63% don’t trust it much. The new administration seems to be more focused on helping the crypto industry than protecting consumers, which raises some eyebrows.
Dusty Johnson, a key player in crafting the Financial Innovation and Technology for the 21st Century Act (FIT21), believes that having a solid regulatory framework is crucial for the industry. This law, which passed the House, includes some cybersecurity measures, but it’s still waiting for Senate approval.
Glenn Thompson, another big name behind FIT21, emphasizes that these cybersecurity rules are vital for keeping digital asset markets safe. But some experts are skeptical about how much action we’ll see on the security front, especially with crypto supporters close to the new administration.
The crypto industry has been throwing money around in the political arena, supporting candidates who favor crypto-friendly regulations. This trend is likely to continue, influencing how lawmakers approach crypto legislation.
Interestingly, while many crypto advocates usually shy away from regulation, some are now calling for it. They argue that the anonymity of crypto can lead to issues like cybercrime, especially with ransomware payments often made in Bitcoin.
As the value of Bitcoin rises, so does the incentive for cybercriminals. Experts warn that if the government doesn’t step up its regulation game, we might see more cybercrime tied to crypto, especially as criminals adapt their tactics to avoid scrutiny.
Looking ahead, there’s a chance we might see some regulations focused on how companies handle ransom payments in crypto. This could include stricter reporting requirements, which could help keep things in check without directly targeting the crypto itself.
Overall, while there’s a lot of talk about new legislation, it’s clear that lawmakers have a long way to go in figuring out how to govern the crypto space effectively. The next few years will be crucial in shaping the future of cryptocurrency and its role in crime and security.
