Crypto is used by “the world’s worst criminals”

On Wednesday, a small miracle happened. The US House of Representatives passed the promising-sounding “Financial Innovation and Technology for the 21st Century Act”. And with it, nothing less than a new regulation of cryptocurrencies. The seemingly eternal dispute over whether these are considered securities could thus finally be settled. The legal departments of crypto companies should be particularly pleased about this: As “digital commodities”, crypto assets would no longer be under the supervision of the unpopular SEC, but rather the CFTC.

What sounds like a small thing could create a completely new basis for the crypto industry in the USA. One that, unlike before, promises legal certainty. The fact that the reins are being loosened somewhat for this purpose has met with clear criticism from some politicians. During the hearing, Representative Brad Sherman painted a devil on the wall: a regulatory vacuum to which investors and authorities are helplessly exposed. Even the monetary sovereignty of the US dollar is under threat. In any case: crypto is used by “the worst criminals in the world”.