BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Crypto

Why the US is One of the Most Crypto-Friendly Countries in the World

BlockNews Team by BlockNews Team
October 28, 2022
in Crypto, Media, Opinion
Reading Time: 3 mins read
A A
US Crypto
1
SHARES
13
VIEWS
Share on TwitterShare on Reddit

It’s fair to say that the United States is one of the most crypto-friendly countries in the world. It ranks No. 1 in the quantity of Bitcoin and Ethereum nodes, and regulators have taken a particular interest in the subject. In September, the administration of President Joe Biden released a series of federal reports addressing how crypto might be regulated in the year ahead.

You might also like

Crypto Twitter Thinks the Fed’s $297B Balance Sheet Expansion Is ‘QE’, but It’s Not

Ripple-SEC Case: XRP Price Turns Bullish As Coinbase Hints At Relisting

Solana’s Top DEX Orca Restricts Access For American Users

Eco Friendly

Ethereum, the most widely used blockchain, recently switched to the more eco-friendly proof-of-state (PoS) consensus algorithm through its Merge event. The upgrade improved the network’s sustainability and security and took steps toward increasing its scalability, and the network now offers an attractive yield on staking.

A September 2022 report from the Crypto Carbon Ratings Institute reveals that Ethereum’s move from proof-of-work to proof-of-stake has reduced the amount of electricity the Ethereum network consumes by over 99.988% and its carbon footprint by over 99.992%. This should help the U.S. achieve its climate goals, as described by the Office of Science and Technology: “a 50% to 52% reduction in GHG emissions by 2030, a carbon pollution-free electricity system by 2035, and a net-zero emissions economy no later than 2050.”

Enforcing regulations

In June 2022, the Department of Justice announced it had arrested three people in connection with the “first-ever cryptocurrency insider trading tipping scheme.” The alleged crimes involved a former product manager at Coinbase.

In September 2022, the department released its “The Role of Law Enforcement in Detecting, Investigating, and Prosecuting Criminal Activity Related to Digital Assets” report and established a nationwide Digital Asset Coordinator Network to further its “efforts to combat the growing threat posed by the illicit use of digital assets to the American public.”

Adopting Blockchain Technology

The Treasury Department’s Office for Financial Research released a working paper in July 2022 examining the implications of how a central bank digital currency (CBDC) might affect the stability of the broader banking system. It identified two ways a CBDC may enhance financial stability:

“First, banks do less maturity transformation when depositors have access to CBDC, reducing their exposure to depositor runs. Second, monitoring the flow of funds into CBDC allows policymakers to react more quickly to periods of stress, which lessens the incentive for depositors and other short-term creditors to withdraw assets.”

Meanwhile, the Treasury Department’s September 2022 report “The Future of Money and Payments” looked into stablecoins and a CBDC, noting there is a “natural use case” for a CBDC. The report considers the implications when it comes to “building the future of money and payments,” “supporting U.S. global financial leadership,” “advancing financial inclusion and equity,” and “minimizing risks.”

Conclusion

As the U.S. adopts and integrates all aspects of blockchain, the world may follow its example and do the same. As more people begin to use blockchain technology, we may begin to fully explore the full potential of blockchain as it is already set to revolutionize many things like finance and banking. Still, we are yet to see what blockchain is fully capable of.

Tags: cryptoopinionUnited States
TweetShareShare

Recommended For You

Crypto Twitter Thinks the Fed’s $297B Balance Sheet Expansion Is ‘QE’, but It’s Not

by BlockNews Team
March 22, 2023
0
crypto twitter

The most recent rise in the central bank's balance sheet, according to some analysts, is not as obviously stimulative as the one that came after COVID-19. The US...

Read more

Ripple-SEC Case: XRP Price Turns Bullish As Coinbase Hints At Relisting

by BlockNews Team
March 22, 2023
0
xrp

Coinbase could relist the XRP token if Ripple wins the ongoing lawsuit against the SEC. The exchange will initiate the relisting process immediately after the court pronounces itself...

Read more

Solana’s Top DEX Orca Restricts Access For American Users

by BlockNews Team
March 22, 2023
0
orca.so

US-based users will be banned from trading on Orca’s web interface beginning March 31st. Orca said the ban exempts those who trade directly using smart contracts and their...

Read more

DefiLlama Forks into a New Platform as Internal Disputes Unfolds

by BlockNews Team
March 22, 2023
0
DefiLlama

Blockchain data platform DefiLlama is in turmoil following its employee's rejection of its Token Launch Plan.  Now, the creators of one of DeFi's prominent dashboards have made a...

Read more

Massive USDT Transfer – Is This The Reason Behind The Current Crypto Market Shift?

by BlockNews Team
March 21, 2023
0
USDT

The crypto market has witnessed a dramatic couple of weeks, leading to uncertainties about what the future holds for the digital asset sector. Crypto debunking in the United...

Read more
Next Post
Twitter-NFTs-Logo

Twitter To Allow Users To Display NFTs Directly In Tweets

Related News

Around the Block

Around The Block – MAR 3rd Week in News

March 3, 2023
Meta-Mark-Zuckerberg

Mark Zuckerberg Still Wants to Push the Metaverse While Shares Crash to 20%

November 2, 2022
sbf

Sam Bankman-Fried Seeks to Access FTX Funds

February 1, 2023

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Crypto Twitter Thinks the Fed’s $297B Balance Sheet Expansion Is ‘QE’, but It’s Not March 22, 2023
  • Ripple-SEC Case: XRP Price Turns Bullish As Coinbase Hints At Relisting March 22, 2023
  • Solana’s Top DEX Orca Restricts Access For American Users March 22, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?