The key leaders of the United States of America (USA) are taking a very significant step to adopt the crypto sector with the establishment of a new subcommittee.
Under the current scenario, the US sector is a very big centre for crypto-focused development. Many political leaders showed their crypto-friendly stance to ensure that they are going to favour cryptocurrency circulation & adoption.
In the latest development, The Senate Banking Committee decided to establish its first-ever subcommittee dedicated to cryptocurrencies.
Congressman Bryan Steil has been selected as the chairman of the Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence. This subcommittee will remain focused on tracking the evolution of the crypto sector as well as new technology.
US Senator Tim Scott will be the first leader of this subcommittee, and another pro-Bitcoin Senator, Cynthia Lummis from Wyoming, will play the role of another leader for the subcommittee.
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Congressman Andy Barr (KY-06) has been reappointed as Chairman of the Financial Institutions Subcommittee for the 119th Congress. Andy will ensure that the new tech sector evolves under balanced rules & laws.
Notably, two years ago, the situation for crypto space was very bad. The majority of the regulatory bodies were against this sector and rarely did any person talk about the friendly regulatory rules & laws for this innovative space.
Thanks to the US president-elect Donald Trump, who started talking about Bitcoin & Cryptocurrency adoption during his presidential election campaign. His promise for this space created another level of peer pressure for other presidential candidates to support Cryptocurrencies.
As per reports, currently the US Congress is working on a new bill regarding new taxation policy, and Trump will sign that bill just after assuming the president’s office this month. Interestingly that bill has some tax rules for Cryptocurrencies also.
Read also: Czech Republic Country’s Central Bank governor considering Bitcoin Investment
Senate banking committee will create first crypto subcommittee: A huge development for crypto space!
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