Crypto Fallout Expedites Government Regulation

06/08/22 01:25PM EDT

This past Tuesday, a bipartisan bill was passed on Capitol Hill to help regulate cryptocurrencies and various digital assets, amid the tumultuous fall of Terra (LUNA) and various “stablecoins” crashing.

“Initial read on where crypto regulation is headed, there is a long way to go,” notes Senior Policy Analyst JT Taylor. “The bill lends itself to favoring the CFTC as the main regulator here, which is something the crypto industry wants. They’re a little laissez-faire.”

“Ostensibly, this bill is aimed at restricting and regulating stablecoins, obviously in the wake of Terra (LUNA). But really, it’s an effort at sort of moving bitcoin adoption forward. It’ll be interesting to see whether it can get anywhere given the calendar timeframe,” explains Financials analyst Josh Steiner.

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