US Senate Democratic leader Chuck Schumer said he would push for legislation to regulate the cryptocurrency industry if Kamala Harris wins the November election. He made the statement at the Crypto4Harris virtual conference, the cryptocurrency website reported. 2Bitcoins.ru.
“We cannot sit idly by due to the risk of cryptocurrency fleeing abroad,” the politician said.
Industry experts note that in this way, Democrats are clearly trying to overcome the influence of Donald Trump from the Republican Party, who began to openly support the industry in the first half of this year.
At stake, experts say, is preserving the United States’ status as the most innovative country in the world.
The United States is still the leader in cryptocurrency mining, but unlike Russia, mining in America is complicated not only by the lack of a legal framework, but also by electricity prices.
“The mining industry in the United States is currently in a really difficult situation, in fact, in recession. There are two reasons for this. First, the legislative framework for this area has not yet been adopted at the national level. “And in this regard, the United States is already significantly behind Russia,” Igor Runets, owner and CEO of Russia’s largest data center operator BitRiver, told socialbites.ca.
Secondly, Runets announced that electricity prices in the USA have increased.
“In addition, Americans increased production and purchased equipment on credit to maintain their leadership. After the interest rate hike, some companies either entered the bankruptcy process or have already gone bankrupt,” he said.
This means that Russia has a truly historic chance to catch up with the United States in mining and eventually surpass it. Moreover, experts say that our country has all the conditions for this: a surplus of electricity, a rapidly growing capacity of industrial data centers, a balanced legal framework.
According to them, the American elite has serious concerns about the laws on mining and cryptocurrency foreign trade payments signed in Russia. The regulatory framework was prepared by the countries in parallel, but Russia was ahead of the United States, having adopted a federal law on regulation and development of the new industry in early August.
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Source: Gazeta
Emma Matthew is a political analyst for “Social Bites”. With a keen understanding of the inner workings of government and a passion for politics, she provides insightful and informative coverage of the latest political developments.