- U.S. lawmakers should recognize the unique qualities of Bitcoin as they set out market structure for the crypto economy, says John Rizzo.
- The chairman of the House of Representatives Financial Services Committee, Rep. Patrick McHenry (R-N.C.), recently outlined two critical priorities for the House Republican majority’s crypto work this year – market structure and stablecoins.
- Satoshi Nakamoto’s essential contribution, Bitcoin, has somehow taken a back seat in two years of crypto news focused more on Sam Bankman-Fried’s foibles and Do Kwon’s whereabouts.
John Rizzo, a former senior spokesperson at the U.S. Department of the Treasury, is senior vice president for public affairs at Clyde Group and has called for U.S. policymakers to leverage Bitcoin’s oldest tool when setting policies that regulate digital assets. The chairman of the House of Representatives Financial Services Committee, Rep. Patrick McHenry (R-N.C.), recently outlined two critical priorities for the House Republican majority’s crypto work this year – market structure and stablecoins – which have received most attention in recent months despite Satoshi Nakamoto’s essential contribution to Bitcoin being largely ignored over the past two years amid other news stories about Sam Bankman-Fried’s foibles and Do Kwon’s whereabouts.
Forging ahead with market structure regulation based on Bitcoin could allow the U.S to seize a key advantage over its global competitors in terms of economic growth and development in future years; however, it is important to remember that these regulations must be tailored to take into account both consumer protection concerns as well as allowing innovation to flourish within this space so that companies can remain competitive globally while also adhering to security protocols established by law makers domestically.
Stablecoins are also an important part of regulating digital assets; they provide an alternative means of payment that is stable compared to volatile cryptocurrencies such as Bitcoin or Etherium, therefore making them attractive investments for those who want stability without sacrificing potential upside rewards associated with investing in traditional cryptocurrencies like bitcoin or etherium but don’t want all their eggs in one basket either way – meaning both sides should be taken into consideration when regulatory measures are put forth seeking balance between both camps while still protecting consumers from risk associated with either currencies’ volatility overall..