Crypto regulation delayed
According to the Cointelegraph report, US Senate Republican Majority Leader John Thune said the Senate will not consider a crypto market structure bill in the near future. Instead, the priority will be the passage of another important bill - the SAVE America Act.
Thune said a vote on crypto regulation is not expected until at least April 2023. This means the industry will continue to operate in the current, largely uncertain, conditions for several more months.
This situation is not surprising, as the US Congress and regulators have long been trying to develop unified rules for the cryptocurrency industry, but have not been able to reach a consensus. Given the high volatility of the market and the recent high-profile bankruptcies, lawmakers clearly feel the need to intervene. But it seems they still have a long way to go to reconcile various interests.
Expert opinion
The delay in the adoption of cryptocurrency legislation is a temporary victory for the industry. On the one hand, it will allow the crypto market to develop without excessive regulation. However, on the other hand, it only postpones the inevitable - sooner or later, cryptocurrencies will be placed under tighter state control.
The longer this process drags on, the more risks will accumulate in the industry. Therefore, I believe that the optimal scenario is the adoption of reasonable, well-thought-out regulation that will strike a balance between consumer protection and space for innovation.