2022 US crypto bill, El Salvador and NFTs more popular than crypto
Senator Cynthia Lummis of the republican party has indicated that she intends to proffer an updated crypto bill.
According to the report, the crypto bill will be more progressive and will be an all-around improvement to the current infrastructure surrounding crypto.
The report from Cointelegraph discusses only surface data of the change but I must say, it does look promising.
According to Cynthia, the bill will consider the peculiarities of crypto and will invariably help crypto be seen in a better light.
The proposed bill for 2022 aims to provide regulatory clarity on stable coins, guide regulators around asset classes and offer consumer protections.
It's interesting to see yet another lawmaker claim to be protecting consumers. It's the same consumer protection message that was used during the XRP witch hunt and yeah, you guessed right, it was the consumers that suffered.
Anyway, we can expect that things won't go in the way of XRP this time. Granted stable coins have been in the crosshairs of the law for a while, I don't think Senator Lummis has any ill intentions.
I know, it's weird to say this but there's one fundamental reason why I'm hopeful.
As reported by numerous sources, Senator Lummis is a Bitcoin holder and has been vociferously in support of cryptocurrencies.
Her decision to hold crypto has been met with controversy, as many believe that owning digital assets compromises her ability to make an impartial judgement.
Personally, I think they're right that her ability to make an impartial judgement is compromised but that's only natural.
All the other senators also have their judgement swayed by something, and hers is crypto, which on its own represents the people. So I say that her head is in the right place.
Speaking of the right place, she's going to need senators from both sides of the blue and red divide to support her cause. Cryptocurrencies have been a controversial development with lingering policy problems for the feds.
Some believe it's good, others believe it's bad and the rest call it "Bitcorn". In any case, getting a bill that seeks to create a better environment for crypto investors will be a challenge.
One of Senator Cynthia's targets is to establish a department in the SEC that focuses on crypto. This department will ensure that crypto investors get tailormade policies that facilitate easy access to cryptocurrencies.
Long has crypto been treated like any other commodity when in reality, it's nothing like the rest. Cryptocurrencies require special handling and also requires people that understand the market to be in charge.
Crypto regulations are inevitable for every country. However, the only thing we can hope for is that the people that regulate it know what they're doing.
Tailor made solutions
There's still some way to go before the bill gets passed. However, for me, it seems like a step in the right direction.
In many countries, the crypto policies are either not well thought out or sometimes non-existent. Countries like Nigeria choose a hands-off policy and prohibit financial institutions from facilitating trade.
If this bill gets passed into law and we start seeing some fair crypto policies in a world leader like the US, it's possible that many countries will follow suit.
Countries like El Salvador are already buying Bitcoin in droves. I'm guessing most of the money is coming from the South American country's treasury or something.
El Salvador is already in an advanced stage of crypto adoption with policies that support the growth and use of crypto. Through these moves, the South American country may be setting itself for a prosperous future.
Any country could be like El Salvador; all you need is a young president, forward-thinking advisors and the ability to shitpost on Twitter.
Anyway, only time will tell whether the South American country made the right decision. However, we can see through El Salvador that making pro-crypto policies doesn't have an adverse effect on the general wellbeing of the country.
Growing popularity
As cryptocurrencies continue to get more standing and rise in popularity, we find that associated developments in the space are also taking the front seat.
One of such developments has been the rapid rise in the popularity of NFTs in the world. According to google trends, the number of people searching for "NFT" has surpassed the number of people searching for crypto.
It must be said that one of the main reasons for this is the recent wave of institutional interest in NFTs. For example, Adidas and Nike recently discussed the potential release of NFTs.
Celebrities have also shown interest in NFTS, as their discussions on social media has transformed the acronym into a buzzword. Well, that buzzword is picking up pace and the real winner is the entire industry.
No losers, just winners
The beautiful thing about this rapid rise in NFTs is that the searches will invariably lead to blockchain solutions.
Naturally, art and premium jpegs get all the attention but that's only because art glitters.
In the long run, the searches will find their way to play to earn games and as this continues to happen, so will the patronage of those games.
One of such games is Splinterlands and data shows that it's still the most popular blockchain game in the land. This popularity continues to rise, despite the drop in the price of assets recently.
Anyway, Splinterlands offers a different approach to NFT trade and hodling that you don't get with jpegs.
First of all, the NFT in Splinterlands can be used for battles. Secondly, they're also visually appealing. Thirdly, trading volume is substantial.
Most NFTs projects don't have this kind of heat that Splinterlands has. It makes it one of the best NFT projects to get involved with.
As the NFT searches continue to come through, I believe we'll be seeing increased patronage of all the blockchain games that support NFTs. So at the end of the day, everybody wins.
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With Chile's young and open minded president we could see them moving in the direction El Salvador are already towing.
The future of crypto seems to be bright.
Great write up! I've considered what writing on the Hive would do to my campaign if I ran for office. I'd likely have to report the income and any vote over $99 would have to have a record of the person's name and address depending on campaign finance rules. Only time will tell which side these folks will be on, but adoption will come faster than regulation, I think.
I will be perfectly happy if they keep going in circles and getting nowhere.
That gives us the time to keep developing and move around what they are creating. Sen Lummis is a crypto ally but that isnt the overwhelming majority in Congress. Plus we know the Biden Administration is as bad, if not worse, towards crypto than Trump was (which is not very good).
So it is up to us to take matters into our own hands and get the keyboards going. Open source, decentralized, and distributed are what we need to focus upon.
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Yeah I was thinking along this line myself. I doubt she'll have support from the other senators.
Just gotta keep building.
She just has to wait until the next elections. Support for the Democrats is waning. So, there is a good chance that Lummis can at lease get some support within her party when they become the majority.
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