United

Biden

Polkadot

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<p>The cryptocurrency industry is facing significant regulatory challenges in the United States, with recent developments highlighting the complex relationship between the government and the digital asset sector. A roundtable discussion with the White House, featuring prominent figures like Mark Cuban and Ripple CEO Brad Garlinghouse, aimed to advise on the future of crypto regulation. However, the effectiveness of such efforts remains uncertain.</p>
<p>At the center of the debate is the SEC's Staff Accounting Bulletin 121 (SAB 121), which requires public companies holding crypto assets for clients to report them on their balance sheets. This controversial rule has made it difficult for major U.S. custodians to enter the crypto market, potentially hindering the industry's growth and risk management. Despite attempts to repeal SAB 121 through legislative action, President Biden has signaled his intention to veto such efforts.</p>
<p>The regulatory landscape extends beyond the SEC, with the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) also playing crucial roles. These agencies have taken stances that make it challenging for banks to engage with crypto, creating a complex and often hostile environment for the industry in the U.S.</p>
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<p>Meanwhile, other countries are taking more proactive approaches to crypto regulation. Japan, for instance, has made Web3 a national strategy and implemented regulations that classify cryptocurrencies distinctly from securities. This move, along with similar efforts in Singapore, Dubai, and parts of Europe, is positioning these regions as potential hubs for crypto innovation.</p>
<p>The contrast between the U.S. and global approaches to crypto regulation raises concerns about America's competitiveness in the evolving digital asset landscape. Industry experts warn that without sensible regulations, the U.S. risks losing its position as a leader in financial markets and could see capital flow to more crypto-friendly jurisdictions.</p>
<p>As the debate continues, the crypto industry and policymakers face the challenge of balancing innovation with consumer protection and financial stability. The outcome of this regulatory tug-of-war will likely have significant implications for the future of digital assets and America's role in shaping the global financial system.</p>
<p><strong>Guest:</strong> Mike Belshe - CEO of BitGo<br>BitGo website ➜ <a href="https://bit.ly/BitGoCustody" rel="noopener noreferrer nofollow">https://bit.ly/BitGoCustody</a></p>
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<h2 id="strong-any-type-of-data-across-any-type-of-blockchain-strong"><strong>Any type of data across any type of blockchain</strong></h2>
<p><a href="https://polkadot.network/" rel="noopener noreferrer nofollow">Polkadot</a> is a network protocol that allows arbitrary data — not just tokens — to be transferred across blockchains.<br><br>This means Polkadot is a true multi-chain application environment where things like cross-chain registries and cross-chain computation are possible.<br><br>Polkadot can transfer this data across public, open, permissionless blockchains as well as private, permissioned blockchains.<br><br>This makes it possible to build applications that get permissioned data from a private blockchain and use it on a public blockchain. For instance, a school’s private, permissioned academic records chain could send a proof to a degree-verification smart contract on a public chain.</p>
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