The United States has recently taken a tighter approach to crypto regulations. The newly passed Infrastructure Bill poses many problems for cryptocurrency firms. While firms would find it more difficult to set up and operate businesses, any transaction in digital assets worth more than $10,000 will have to be reported to the Internal Revenues Commission. Adding to the public fear of regulations, Hayman Capital Management CEO Kyle Bass has predicted even stricter regulations in the future. To quote him, he expects the government to ‘clamp down on Bitcoin and other cryptocurrencies. in an interview with the Investor’s Podcast Network, he talked about the future of regulations and cryptocurrency in the United States. The overall message of his comments was not very optimistic, and he sees no loosening of regulations in the conceivable future.
Kyle Bass acknowledged the appeal and benefits of crypto for a young, tech-savvy population. He also mentioned its merit as a replacement of gold as a hedge against inflation. However, the merits of crypto do not change the fact that governments are largely anti-crypto. The recent Infrastructure Bill is yet another proof of the inherent anti-crypto nature of governmental institutions.
With the rise of few pro-crypto politicians in different regions, the crypto community is seeing a ray of hope. The mayor of Miami, for example, sought to make Miami one of the crypto hubs of the world. If these pro-crypto politicians can affect lawmaking decisions, cryptocurrency might have an easier time surviving in the United States.
