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Regulators around the world are trying to follow the Chinese example and tighten the rules regarding the cryptocurrency market. States are concerned about such a rapid growth of the cryptocurrency market, which has exceeded a record $2 trillion.
According to many analysts, many states will try to do anything to suppress such a sharp growth of cryptocurrencies, as they fear that fiat funds will soon be displaced by bitcoin and other altcoins if the cryptocurrency market continues to gain momentum, and bitcoin continues to scale and be introduced around the world.
Countries may lose control over their financial and monetary systems. The US is also making attempts to curb the cryptocurrency market.
President Joe Biden has his own specialized group that deals with financial markets. It includes financial regulators who monitor the cryptocurrency market.
This group includes the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission, the Ministry of Finance, and the Federal Reserve.
Securities and Exchange Commission Chairman Gary Gensler has long been unable to find a compromise with the cryptocurrency market. He is sure that the market should be tightly regulated and be in a tight grip.
Recently, he threatened to sue the largest exchange coinbase, as it wanted to launch its own Coinbase Lend product, where interest would be lent to borrowers.
The SEC studies cryptocurrencies according to various criteria, such as a platform for cryptocurrency trading and lending, investment instruments, offers and sale of cryptocurrencies.
The Securities and Exchange Commission conducts a very strict and supervisory policy when certain crypto assets fall within their competence.
Gensler said that Defi platforms come under their close supervision and will now be under the jurisdiction of the Securities and Exchange Commission.
The Fed wants to prevent the formation and spread of cryptocurrencies by creating its own digital dollar. In the near future, the US central bank should release a long-awaited report, which will indicate information about the date and launch of the digital dollar.
Many US politicians see the adoption of the digital dollar as a real breakthrough, as it will help in the fight against bitcoin and its rapid scalability.
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