'Very Hard to Regulate Cryptocurrency,’ Says US Lawmaker

Recently we've been getting a string of U.S regulatory news on Cryptocurrency, I found an article with a quote from House Representative David Schweikert (R-AZ) about the difficulties regulating Crypto

In an interview with Fox Business, House Representative David Schweikert (R-AZ) said that regulators must focus their efforts on application-level oversight of the cryptocurrency markets, as the underlying technology is “very hard” to regulate.

“It’s actually very hard to regulate the underlying cryptocurrency,” Schweikert said. “You could actually do some regulation within the exchange mechanisms, assuming the exchange mechanisms stayed within the US government’s purview. So, you could have standards at the exchange level, but the underlying concept of a distributed ledger cryptocurrency becomes very difficult to regulated.”

Meanwhile, Schweikert’s home state of Arizona is considering legislation that would help legitimize Bitcoin and other cryptocurrencies as payment mechanisms. SB 1091, which has been passed by the Senate and was introduced into the House on Monday, would allow Arizona residents to use cryptocurrencies to pay their state income taxes. The state would receive the payments in cryptocurrency form and then convert them into fiat within 24 hours.

We have along way to go before the U.S. Government figures things out. I think with more positive news coming, and a lot of other countries opening their arms to Crypto. Time will tell, but lets hope for the best! Enjoy the knowledge...

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