The exponential growth of the crypto market in recent times is drawing huge attention from regulators and market players alike. Amid the booming market, the Republican leader of the US House of Representatives, Kevin McCarthy, has commented that regulators shouldn’t turn a blind eye to Bitcoin’s growth.
Congressman Kevin McCarthy expressed his views on the Biden administration’s policies towards the crypto market. During his interview on CNBC’s Squawk Box, he revealed that the US regulators should no longer ignore Bitcoin.
The GOP leader added that the regulators tried it once hoping it would go away, perhaps they thought it was a bubble. However, McCarthy said that policymakers need to understand the impact of digital assets on the future of finance.
Janet Yellen, the Treasury Secretary and other top political figures like Jerome Powell have always been conservative about Bitcoin. Yellen has particularly made a splash when she made derogatory remarks about crypto.
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When was quizzed about regulators prior approach to cryptocurrency, Kevin replied that they now need to pay more attention to crypto more than ever. McCarthy had also earlier advised the government to study how it could improve government work.
While there is no perfect regulation for the crypto space yet, regulatory bodies are trying to create a lasting framework for the technology. Kraken CEO, Jesse Powell recently said in an interview that he believes “there could be some crackdown” on cryptocurrency.
This comes on the heels of Goldman Sachs CEO David Solomon’s prediction of a “big evolution” regarding cryptocurrency regulation. Although the CEO didn’t reveal how the crypto regulations will happen, he said crypto regulation will soon experience a big change.
Bitcoin has made huge gains in the last 24 hours and has hit a new ATH of $63,749. The flagship cryptocurrency is currently trading around $63,133 as it poises to set another record high.