On January 27th, the White House released a

On January 27th, the White House released a statement regarding cryptocurrency, titled "The Administration’s Roadmap to Mitigate Cryptocurrencies’ Risks". 

This statement calls for two main points:

1. The development of a legal framework for cryptocurrency "in a safe, responsible way while addressing the risks they pose". 

2. The expansion of regulatory powers and for "authorities to ramp up enforcement where appropriate and issue new guidance where needed".

The Biden Administration states that they have spent the last year identifying the risks of cryptocurrencies and are working to reduce these risks for investors.

The White House's statement goes on to say that "legislation should not greenlight mainstream institutions, like pension funds, to dive headlong into cryptocurrency markets."

They go even further and say that it would be a "grave mistake" to allow for cryptocurrencies and the financial system to be come more intertwined. 

These last few days and weeks have been full of news regarding the development of Cryptocurrency Legislation:

• On January 25th, Senator of Texas, Ted Cruz, introduced a new into Congress that pushes for crypto to be accepted in Capitol hill restaurants, vending machines, and other establishments.
• Also on January 25th, State Senator of Arizona, Wendy Rogers, introduced two bills, , that seek to officially make Bitcoin a legal tender within the state of Arizona, and pave a way for all cryptocurrencies to be accepted as a payment method.
• On January 26th, Assemblyman of New York, Clyde Vanel, introduced a to the New York Senate that would allow New York state to accept cryptocurrencies as a "form of payment".

All of these recent moves regarding crypto come after the January 12th announcement that a Subcommittee on Digital Assets, Financial Technology and Inclusion will be created to provide a "comprehensive regulatory framework for the digital asset ecosystem". 

While cryptocurrency might be relatively new, the behavior we have seen some cryptocurrency companies exhibit and the risks posed by this behavior are not. As an administration, our focus is on continuing to ensure that cryptocurrencies cannot undermine financial stability, to protect investors, and to hold bad actors accountable.

Brian Deese, Arati Prabhakar, Cecilia Rouse, and Jake Sullivan, U.S. White House

I am sure that most of these bills will be shot down, but it is still interesting and exciting to see the push towards crypto adoption and acceptance. 

I try not to get my hopes up, but it is hard not to think about Bitcoin and other cryptocurrencies being legal tender here in the U.S.

I think this would be an important moment in crypto history if the USA were to ever legalize.  

However, the statements released by the White House is making me more doubtful of this potential future. 

What are your thoughts on these recent developments going on with cryptocurrency laws in the USA?

Do you believe these upcoming changes will be good or bad overall?

Do you think there is a chance that Bitcoin, and/or crypto, will be made legal tender in the USA?

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