Regulators Can’t Ignore Bitcoin Anymore, Says Congressman Kevin McCarthy

As the cryptocurrency industry continues to grow, so too does the mainstream attention towards it. Bitcoin in particular has been praised by many whilst simultaneously drawing the ire of others.

It should come as no surprise that governmental and regulatory bodies all over the world would want to get involved in controlling cryptocurrencies such as Bitcoin. To this end, the Republican leader of the United States House of Representatives had stated that Bitcoin can no longer be ignored and that regulators must take action.

The Crypto Industry Has Evolved

During an interview with CNBC, Congressman Kevin McCarthy stated that the cryptocurrency community can only expand going forward. This is certainly true as apart from Bitcoin, other altcoins such as Ethereum (ETH) and Binance Coin (BNB) have been growing at breakneck paces.

Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen have been conservative in their commitment to cryptocurrency. When asked about their stance, McCarthy said that authorities had recently sought to disregard cryptocurrency in order to make it disappear, mirroring the ‘if I can’t see it, then it does not exist mindset’. The ecology has nevertheless since evolved to the point that they may need to take a closer look now and change their perspective on the cryptocurrency industry entirely. 

Furthermore, McCarthy also spoke out on cryptocurrency concerns, urging the government to investigate how blockchain might enhance government functionality. In related news, he also informed CNBC in 2019 that he liked Bitcoin’s decentralized nature, but that it wasn’t quite where it wanted to be in terms of fighting against illegal financing such as money laundering.

Regulatory Bodies Under Pressure As Crypto Market Booms

As of publication, not only has Bitcoin managed to reach a new all-time high but as we already mentioned so too have Ether and Binance Coin. BNB in particular has experienced monstrous growth as of late, with the altcoin being worth only about $50 a couple of months ago, and expanding by over 1,000% by mid-April to trade at over $600.

Time will only tell what further regulations the United States government will introduce and subsequently implement in the near future, and all we can do for now is wait and see what comes next.