It goes without saying that cryptocurrency has seen a long history when it comes to regulations and centralizes the decentralized financial systems in the past. Take, for example, XRP for the sake of argument it has been soaring high in the Asian markets, but as on American soil, it is facing a serious lawsuit by the US SEC (Securities and Exchange Commission), arguing the fact that XRP is a security rather than being a cryptocurrency and thus requires for standardized regulation.
Bitcoin, on the other hand, is not security per se, but it does also require regulating according to the SEC’s ex-chairman Jay Clayton, and there is even a possibility that one such wave of regulations might just be around the corner and not only for Bitcoin but for other various cryptocurrencies as well. According to Jay Clayton, Bitcoin, along with many other cryptocurrencies, will be more regulated in the future than these are at present.
Regulations might Control the Decentralized Heaven Provided by Digital Assets Soon Enough
Digital assets require some heavy regulating, says Jay Clayton, and it might come either directly or indirectly, but it is bound to prevail in the future. Not only the domestic but also the international elements would be needed for the sake of regulating. The very fact that Bitcoin is not security doesn’t strain the decision or idea that Jay Clayton has put forth at the moment, and he is fully backing it up.
The XRP case is a long overhaul of the same where out of some sheer wonder, XRP was considered a security in the USA while no other country has considered it. Other than that, Ethereum was also first proposed as a security in the USA but was then cleared of the charge by some happening of wonder again.
Many queries have been sent to SEC to explain both scenarios, but no answer was given to that effect. This decision of introducing more regulations for not only Bitcoin but other cryptocurrencies might not tamper with the performance of the cryptocurrencies within the market so very much, but it might be affecting their value/price in the long run.