Category Archives: Cryptocurrency

The year 2022 has been very tough for all the cryptocurrencies including Bitcoin and Ethereum and also for crypto enthusiasts. The largest cryptocurrency in the world, BTC has lost approximately 65% of its market value in the entire last year. Crypto enthusiasts were caught off guard by a series of unpredictable events such as the Terra Luna crash, FTX fall, macroeconomic conditions and Binance guilty plea.

The start of this year 2023 was strong for the cryptocurrencies as the crypto world was showing signs of recovery. Bitcoin even rose an average of 0.39 in the month of July at around $31,000. The crypto world is showing immense recovery as of Oct., Nov. and Dec. has BTC rising at good levels. As of Nov. 05, 2023, BTC is at $41,772, market capitalization at $817.02. billion and market volume at $37.35 billion. Bitcoin rises high as expected.

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Post the psychological threshold of the $31,000 mark, Bitcoin has yet again started showing a bearish trend and trading below $30K levels. The worlds largest cryptocurrency, BTC, which was on the path of recovery had added on up to the monthly benefit of almost 15%, according to the latest charts retrieved by CoinMarketCap and is now trading at its highest level since May 2022 at $41,754.

BTC seems under slim pressure as inflation continues to be a crucial issue in emerging economies such as the U.S. and the UK, and as anticipated the U.S. Federal Reserve hiked the interest rates with a 25-basis point to tackle inflation issues. As per experts, the major resistance is seen near the $29,800 level and the next major resistance is at the $30,400 level.

This is not the first time that BTC is under pressure. Bitcoin had seen a major fall that pushed the cryptocurrency below the $26,000 level, a three-month low, when the U.S. Securities and Exchange Commission sued one of the leading cryptocurrency exchanges in the world, Binance and its founder and chief executive officer, Changpeng Zhao (CZ).

The SEC blamed crypto exchange Binance for creating separate entities as Binance.com and Binance US, as segments of an elaborate scheme to evade U.S. federal securities laws. It has also alleged that a firm owned by its founder CZ, had been involved in artificially growing the trading volume of crypto assets, listed on its Binance U.S. platform.

Cryptocurrency experts believe that if BTC sticks to its level of $30,000, then it could bounce back likely from here and now is leading at $41,737 as of Dec. 05, 2023.

In April 2023, the top cryptocurrency Bitcoin touched the key resistance of $30,000 level, for the first time since June 10, 2022 and then started dipping below till $26,000 level and now hassupremely raised at $41,737 after May 2022. Crypto experts believe Bitcoin must stick to the $31,000 level and more to touch the level of $60,000 by the end of the year 2023.

However, the recovery path is lengthy, as BTC is still down almost 40%, from its all-time high. At the start of the year, Bitcoin plunged below the level of $20,000. But due factors such as the deepening banking crisis in the U.S., the weakening of the dollar index and cooling inflation have been able to bring back Bitcoin and other digital currencies to lead the path of resistance. So, it is not wrong to say that the recent U.S. financial crisis has increased the appetite for cryptocurrencies.

While the future of Bitcoin is unknown, retail investors are required to be very cautious about each and every move of Bitcoin, as it has been a tumultuous year for Bitcoin. Bitcoiners should not forget the fact that the currency is still trading low at almost 40% from its all-time high. The reason behind this volatility can be attributed to the macroeconomic conditions in countries including the U.S. and the UK.

Moreover, Indias stance on cryptocurrencies continues to be firm with the government bringing all crypto-related transactions under the ambit of the Money Laundering Act. In a specific gazette notification, the Union Finance Ministry of India stated that all the transactions related to digital assets or virtual currency would fall under the purview of the Prevention of Money Laundering Act (PMLA).

On the face of it, the new development may appear damaging to the cryptocurrency community in India. On the ground, the move has been praised by the industry at large as this is a step towards regulating this space, where in the absence of regulators, the enforcement agencies will straight up take recourse to any discrepancies.

One of the other reasons why crypto experts are hopeful about Bitcoin is that, in the coming year 2024, will be a year for Bitcoins halving event. The Bitcoin halving event happens every four years in which BTC rewards to its miners are cut by 50%, (the miners payout will be reduced to 3.125 BTC). This event is usually viewed as positive for Bitcoins price, as it helps in contracting supply. Historically, halving has been seen as a great sign for bringing momentum to Bitcoins price.

Bitcoin Halving History

In the above table, we can see that past Bitcoin halving events have been able to establish long-term bullish drivers for Bitcoins price. The Bitcoin halving event relates to its deflationary tendency and crushing its supply, which helps the Bitcoin price to rise further. As BTC, being a decentralized cryptocurrency, cant be printed by any central banks or governments and thus Bitcoins total supply is limited.

Moreover, Bitcoin Whales, large investors have started accumulating Bitcoin once again. According to data from on-chain aggregator Santiment, the large Bitcoin whales are holding a range from 1,000-10,000 BTC in their wallets, showcasing that investors have been filling up their wallets with a lot of Bitcoins, which might reflect recovery signs in the price of Bitcoin.

We all are aware that Bitcoin has rallied 80% plus more since the start of this year. With massive and unanticipated gains, it has surely surpassed several other major assets and set huge returns for those who have bought Bitcoin at dips.

The crypto industry is excited to witness the new peak of BTC and hoping for more. Marshall Beard, chief strategy officer at crypto exchange Gemini, believes Bitcoin to break its all-time highs this year. He even said, $100,000 price figure is an interesting number if bitcoin gets to its previous record high of near $69,000.

If Bitcoin really happens to touch this magical figure, then it has to showcase an upside of 270% to reach at $1 lakh level.

Paolo Ardoino, chief technology officer at Tether also has a positive view on Bitcoin. He said BTC could retest its all-time high of around $69,000.

Nonetheless, the year 2023 seems to be a decent year for Bitcoin advocates, who always tend to consider it as a digital gold or safe-haven investment that can offer traders attractive returns in times of mayhem. It was a major boost for BTC in hopes that the U.S. Federal Reserves might reduce the chances of more aggressively increasing interest rates.

Bitcoin enthusiasts always have too positive and at times not possible predictions for their favorite cryptocurrency. And, after this mini-bull run, many discussions are happening around the worlds largest digital coin, BTC, the crypto coin could even witness a level of $10 lakh by 2025.

This hypothetical and notable figure of $10 lakh has been rolled by several well-known personalities in the crypto world. Recently, Standard Chartered, one of the leading British Multinational Banks raised its prediction price for the BTC ranging from $1,00,000 to $1,20,000 by the end of the year 2024 in one of its most recent research reports citing more profit to BTC miners. The MNC bank forecast BTC to reach $50,000 by the end of this current year.

The Chinese-Canadian Bitcoin entrepreneur and CEO of crypto firm, JAN3, Samson Mow, believes that the cryptocurrency will reach $1 million in the next five years. With several such wild guesses, Balaji Srinivasan, an investor and the former technology chief at Coinbase, took a bet that BTC could reach $10 lakh or more in just 90 days.

Srinivasan made this strong statement by merely believing that as the world goes into the stage of hyperinflation, the value of the dollar will get weak due to which the people will start buying more and more BTC. The term Hyperinflation means an extreme increase in the price of goods and services over a period of time.

On the other hand, cryptocurrency experts believe BTC might touch $10 lakh in the coming years, but not that soon and predicting this level in the year 2023 or in just 90 days is just not possible.

Marshall Beard stated Bitcoin to be a million dollars in 90 days, some crazy things are happening in the world, which we dont want, he said, however, that it might take 10 years to reach anywhere close to this extreme prediction.

(The Bearish View)

There are different sets of investors too, large institutions and corporates who hold an opposite view (bearish) on Bitcoin and have a strong opinion that Bitcoin might fall shortly. They believe that this rally is a major bull trap rather than a bull run. Global investor, Mark Mobius, the billionaire founder of Mobius Capital Partners, predicted a huge fall in 2022 and even said that Bitcoin can go down to the $10,000 range.

The same is predicted by another investor, Matthew Sigel, head of digital assets research at VanEck, a global investment manager who sees BTC drop to $12,000 levels, mentioning higher energy prices.

On the other hand, global bank Standard Chartereds prediction on Bitcoin is super surprising. They predicted that BTC would fall to $5,000 levels in the current year 2023.

Crypto experts believe that the rising hikes and tighter monetary policy will not allow BTC to rebound sharply in the coming future. As in this kind of unpredicted market, traders will not choose to invest or buy risky assets like Bitcoin. And, those investors who have been holding BTC, might sell it, creating undue pressure on the crypto markets again.

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Among the myriad predictions on Bitcoin, the bottom line remains that Bitcoin has seen several downfalls and has emerged stronger than before each time. Its resilient nature instills a belief of sorts in the minds of crypto enthusiasts who find value in investing in decentralized currencies. Whether Bitcoin soars higher or turns to dust is something only time can tell, and trading Bitcoin should be done with full awareness your investment will not necessarily give you the anticipated returns.

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Bitcoin Price Prediction: Can Bitcoin Reach $1000000 by 2025? Forbes Advisor INDIA - Forbes

As adoption of cryptocurrencies like Bitcoin and blockchain technology accelerates, oversight from financial authorities and governments worldwide intensifies in tandem. But in contrast to previous eras where regulators could often ignore crypto as a niche curiosity, today its integration into wider economic and financial systems demands serious policy attention.

In this comprehensive analysis, we will examine the rapidly evolving regulatory landscape for cryptocurrencies and blockchain-based applications across key jurisdictions in 2023 and beyond. Well explore likely policy priorities, points of contention, philosophical divides, and geopolitical implications that promise to shape oversight.

By reviewing existing proposals under consideration and case studies of previous regulatory actions, we can better understand the motivations, risks, and potential opportunities regulation presents for cryptocurrency as it graduates fully from the fringe into the mainstream.

The sheer growth in cryptocurrency use now requires regulators pay attention as adoption indicators explode:

Clearly cryptocurrency has progressed beyond obscurity into an asset class demanding oversight policy balancing risks as adoption permeates every sector. Avoidance is not pragmatic given irreversible momentum. The focus turns to forging solutions. Well examine regional priorities next.

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Navigating the Complex Cryptocurrency Regulatory Landscape Ahead in 2023 and 2024 - Medium

Bitcoin coins are seen at a stand during the Bitcoin Conference 2023, in Miami Beach, Florida, U.S., May 19, 2023. REUTERS/Marco Bello/File Photo Acquire Licensing Rights

WASHINGTON, Dec 5 (Reuters) - The cryptocurrency industry was on track to hit a new record for federal lobbying spending, after a year in which firms scrambled to repair their reputations and advance friendly legislation, according to data provided to Reuters by nonprofit research group OpenSecrets.

Crypto companies spent $18.96 million in the first three quarters of 2023 on lobbying, compared with $16.1 million during the same period in 2022. That was despite last year's spectacular meltdown of crypto exchange FTX, which had been a top-ten spender. Last year, companies including FTX spent nearly $22 million on lobbying in total.

Coinbase (COIN.O), the largest U.S. crypto exchange, led the pack again, spending $2.16 million, followed by Foris DAX, which operates Crypto.com, the Blockchain Association and Binance Holdings.

Our goal is to engage directly with policymakers, build relationships and bridge the education gap to build a commonsense regulatory framework," said Kristin Smith, CEO of the Blockchain Association, in a statement.

Crypto companies have been expanding in Washington, in part to try to mend their reputations following a string of scandals last year, including the collapse of FTX, whose former CEO Sam Bankman-Fried had been a familiar presence in Washington. He was found guilty of fraud last month by a jury in a Manhattan federal court.

Crypto firms have also been trying to combat growing regulatory scrutiny, especially from the U.S. Securities and Exchange Commission which says the industry has been flouting its rules. Lobbying escalated after the SEC sued Coinbase and Binance in June for allegedly failing to register tokens, claims they deny.

The industry has also been pushing the SEC to approve a spot bitcoin exchange-traded fund (ETF), which would open up the world's largest cryptocurrency to millions more investors. Optimism that the agency will green-light the product after losing to a key court on the matter in the summer helped drive bitcoin to a 20-month high on Monday.

Crypto companies have also been trying to advance friendly legislation in the House of Representatives and scored a victory in July when a congressional committee in that chamber passed two major bills that lobbyists say would help provide clarity over which existing financial rules apply to crypto companies.

Although those bills have yet to advance further, crypto lobbyists are not letting up. Coinbase, which in September launched a grassroots advocacy campaign, is continuing its push with more lawmaker meetings in coming weeks, a spokesperson said.

Binance and Crypto.com did not respond to requests for comment.

Reporting by Hannah Lang in Washington; Editing by Michelle Price and Matthew Lewis

Our Standards: The Thomson Reuters Trust Principles.

Hannah Lang covers financial technology and cryptocurrency, including the businesses that drive the industry and policy developments that govern the sector. Hannah previously worked at American Banker where she covered bank regulation and the Federal Reserve. She graduated from the University of Maryland, College Park and lives in Washington, DC.

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US crypto industry lobby spending on track for new record in 2023 - Reuters

Key Takeaways

A group of cryptocurrency-focused stocks have racked up notable price surges in the last year, handily outpacing the growth of the "Magnificent 7," a collection of widely held leading technology firms.

The tech giants have been credited with lifting the markets this year, particularly by capitalizing on growing interest in generative artificial intelligence (AI) and large language models (LLMs). However, the resurgence in cryptocurrency has fueled some of the fastest-growing stock prices amid renewed hope that a bitcoin exchange-traded fund will be approved.

Bitcoin mining and infrastructure company Riot Platforms Inc. (RIOT) has seen its shares skyrocket 364% in the year, while virtual currency exchange Coinbase Global's (COIN) stock has climbed 325% in the same time frame. Blockchain ecosystem and crypto mining company Marathon Digital Holdings Inc. (MARA) has surged by 378%. MicroStrategy Inc. (MSTR), a cloud services and mobile software company that has invested heavily in Bitcoin in recent years, is up 306%.

Investopedia

Key to the crypto-firm rally has been a broader increase in cryptocurrency prices in the last year. Bitcoin was trading at around $44,000 on Friday, up from below $17,000 at the start of the year.

Crypto skeptics had entered short positions against firms like Riot Platforms and Marathon Digital. These companies' stocks may have rallied both because of investors forced to buy to cover as well as new long positions from investors hoping to capitalize on the hot crypto market.

The Magnificent 7 comprises some of the largest mega-cap tech firms: Apple Inc. (AAPL), Amazon.com Inc. (AMZN), Microsoft Corp. (MSFT), Meta Platforms Inc. (META), Google parent Alphabet Inc. (GOOGL), Tesla Inc. (TSLA), and Nvidia Corp. (NVDA).

These companies, with already massive valuations, have experienced surging share prices in the past 12 months after declines throughout 2022. Still, none of the Magnificent 7 stocks have matched the performance of the four crypto-focused firms.

The best-performing Magnificent 7 companies this year are Nvidia and Meta, which have risen by 232% and 164%, respectively. Generative artificial intelligence (AI) projects drove demand for Nvidia's graphics processing units (GPUs), tripling revenue year-over-year in the most recent quarter reported. Meta has outperformed analyst earnings expectations, trimmed costs, and raised guidance in recent quarters.

The Magnificent 7 largely comprises some of the largest companies in the world, so comparing it to smaller, more focused companies with much smaller market capitalizations can be tricky. However, the stock price often reflects demand and is less reliant on the size of companies.

While Nvidia and Meta come closest to the gains of the hottest-trading crypto companies, most other big-name tech stocks have produced rallies that seem paltry by comparison. Amazon has climbed by 71% in the last year, and Microsoft by 56%. The lowest-performing Magnificent 7 companies are Apple, with a 56% stock increase, and Google, rising 52% year-to-date.

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These 4 Crypto-Related Stocks Beat Magnificent 7 Tech Returns So Far This Year - Investopedia

As the crypto market prepares for a potential bull run in 2024, several key narratives look set to shape the investment landscape.

The impending launch of a spot Bitcoin ETF, the continued evolution of Bitcoin mining, and the ever-present popularity of meme coins are all poised to drive significant growth in the market.

This article explores new cryptocurrencies that are well-positioned to capitalize on these trends and potentially outperform big hitters like Bitcoin and Ethereum.

The long-awaited approval of a spot Bitcoin ETF in the US is one of the most anticipated events in the crypto market.

A spot Bitcoin ETF would be backed by physical Bitcoin providing investors with direct exposure to the asset.

The potential approval of a spot Bitcoin ETF in the US has fueled speculation about its impact on BTCs price and the overall adoption of cryptocurrencies.

According to estimates from Galaxy Digital, the addressable market size of one of these ETFs could be a whopping $14 trillion after just one year.

Amid this anticipation, a new project called Bitcoin ETF Token (BTCETF) has emerged, aiming to capitalize on the buzz.

This ERC-20 token allows investors to speculate on an ETF launchs potential impacts on the market.

Bitcoin ETF Tokens whitepaper outlines ambitious plans to burn 25% of the total token supply in five stages based on developments in the ETF approval process.

Notably, the final 5% burn will only be activated when Bitcoin hits $100,000.

This burn mechanism is designed to incentivize investors to hold BTCETF long-term.

While BTCETF isnt directly affiliated with any ETF applicants, its clearly tapping into the buzz around one of these funds being approved.

Early investors can buy BTCETF tokens through the ongoing presale, which has now raised almost $3 million.

Visit Bitcoin ETF Token Presale

The growth of Bitcoin mining is another key narrative that could shape the crypto market in 2024.

Following last years crypto winter and the drop in mining profitability, many miners were forced to shut down their operations due to the high costs.

However, now that Bitcoins price has recovered, the sector is witnessing a wave of interest from investors.

With the ongoing advancements in mining technology and the availability of renewable energy sources, mining is becoming more efficient and environmentally friendly.

According to a Data Bridge Market Research report, the global crypto mining market could grow at a CAGR of 7.8% between now and 2029.

One new crypto project looking to take advantage of this growth is Bitcoin Minetrix (BTCMTX), which aims to provide a first-of-its-kind Stake-to-Mine platform for crypto investors.

By staking BTCMTX, Bitcoin Minetrixs native token, crypto users will receive mining credits which can then be exchanged for cloud mining power.

The Stake-to-Mine process requires no expensive hardware or technical expertise, making it accessible to anyone.

Users can even lock up their BTCMTX tokens in the staking pool and earn yields of 120% per year.

As the demand for Bitcoin mining services rises, particularly ahead of the 2024 halving event, Bitcoin Minetrix seems poised to capitalize on the opportunity.

Investors can buy BTCMTX tokens through the projects presale phase for $0.012 during the current stage.

Visit Bitcoin Minetrix Presale

The final narrative that could shape the crypto market in 2024 is the enduring popularity of meme coins, which have consistently captured the crypto communitys attention.

These coins often generate significant buzz and attract a passionate following even without use cases.

A prime example was Pepe (PEPE) earlier this year, which soared over 3,000% in a matter of days due to social media hype.

PEPEs surge proved once again what meme coins are capable of, prompting a wave of copycat tokens to emerge and attempt to match its gains.

However, one new token that seeks to carve out its own space in the meme coin market is Meme Kombat (MK), a gaming ecosystem built on the Ethereum blockchain.

In Meme Kombats ecosystem, users can watch AI-powered battles between iconic meme coin characters like Pepe the Frog and Wojak.

To enhance the experience, Meme Kombat also introduces a wagering system where users can bet on the outcome of battles using MK, the projects native token.

Complementing this wagering system is a staking mechanism that allows users to lock up their MK tokens and earn yields of 323% per year.

Meme Kombat is also in its presale phase, although early investors can buy MK tokens before their Uniswap debut for $0.225.

Visit Meme Kombat Presale

Disclaimer: The above article is sponsored content; its written by a third party. CryptoPotato doesnt endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

The project in the above article is not related to Bitcoin or to a Bitcoin ETF. Its a completely different token.

Readers are also advised to read CryptoPotatosfull disclaimer.

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Competing with Bitcoin and Ethereum: This New Cryptocurrency Fits the 2024 Bull Market Narrative - CryptoPotato

Source: AdobeStock

While United States federal policymakers look to implement cryptocurrency and blockchain regulations, state-led organizations are taking initiatives to ensure that policy focused on cryptocurrency and blockchain adoption pass within the U.S. This is important to consider given that federal U.S. policymakers continue to remain divided on policy focused on cryptocurrency and blockchain technology usage.

Dominic Folino, president of the Pennsylvania Blockchain Coalition a non-profit organization made up of blockchain allies, users and providers told Cryptonews that legislation isnt coming out of the United States Congress fast enough. Given this, States now have the opportunity to enact policies that may eventually be pushed to the federal level.

In order to drive state legislation, Folino explained that the Pennsylvania Blockchain Coalition joined forces with The U.S. Blockchain Coalition (USBC). USBC was created in June 2021, when thirty U.S. states initially came together to enable blockchain and crypto policies.

Arry Yu, chair of The Washington Technology Industry Association Cascadia Blockchain Council a founding member of USBC told Cryptonews that there are currently forty-six states within USBC that are working closely on crafting legislation. We aim to have all fifty states as part of this coalition in the next several weeks, said Yu.

Yu explained that USBC was created with the goal of driving and conducting policy analysis, development and advocacy around blockchain technology and cryptocurrency at the State level. She said:

Its important for states to drive advocacy and clarity, because the states are the best laboratories for democracy. We are far more nimble than the federal level. We are also closer to the ones that hold the mandate of the people, being hyperlocal and working at the grassroots level.

Yu further noted the importance of U.S. states working together to help enable legislation. Prior to USBC, we saw crypto-friendly states like Wyoming, Florida and Texas not communicating with each other, creating silos in legislation. This was no better than what we are currently seeing at the federal level. States working together enables the sharing of best practices to breed legislation that may pass within all states and even at a federal level, she remarked.

To put these points in perspective, Folino explained that the Pennsylvania Blockchain Coalition recently spoke with the Pennsylvania State legislature in regards to passing a bill similar to New Yorks BitLicense regulation. The BitLicense Bill grants permission for crypto companies to legally operate in the state of New York. This would make Pennsylvania pro-business when it comes to crypto companies planning to get started here, he said. Folino also mentioned that he has been in touch with a number of Pennsylvania House Representatives to help them understand the benefits around blockchain and cryptocurrency policies.

Mike Cabell, a legislator for the State of Pennsylvania, told Cryptonews that both USBC and the Pennsylvania Blockchain Coalition have served as fantastic resources for education and connecting with other State legislators to develop technology and digital asset policy. He said:

The biggest thing to keep in mind here is education. Ive been reading and learning about blockchain technology and cryptocurrency for years, but its very complex. These organizations have been helpful for educating my constituents and colleagues.

Ongoing industry education remains extremely important, as Cabell shared that he is currently working on introducing a Blockchain Basics Act within the State of Pennsylvania. This act will ensure that Pennsylvania has a regulatory structure that will encourage the industry and protect consumers, Cabell explained. While this bill is new to Pennsylvania, Cabell added that Pennsylvania has utilized policy from other pro-crypto and blockchain states to help craft the document.

While Pennsylvania is focused on driving business to the area, Yu mentioned that Washington State and the Cascadia region in general which includes Oregon, Washington and British Columbia remain driven on blockchain legislation. We want objectives in place to make the Pacific Northwest the best place to work and live, while embracing emerging technologies like blockchain. This involves using new technologies for things such as portable medical records, and a regional economic visa to help grow the workforce and make it easier for workers to move around the region, she explained.

Similar to the goals Yu described, Jaime Minor, chief advocate for the California Blockchain Advocacy Coalition an organization committed to educating legislators and regulators about blockchain technology and a USBC member told Cryptonews that she believes blockchain technology can solve problems lawmakers and their constituents are currently facing. Each state has unique problems and priorities based on their needs. The California Blockchain Advocacy Coalition looks forward to working with the legislature in 2024 on ways that blockchain technology can help streamline data, for instance, to clear backlogs that get in the way of building affordable housing, she said.

Samuel Armes, president of the Florida Blockchain Business Association a non-profit organization promoting blockchain and cryptocurrency innovation and a member of USBC further told Cryptonews that Florida has already passed a number of crypto-friendly bills with the help of USBC. He believes these pieces of legislation may even influence the federal government in the future. He said:

We currently have a Bitcoin Kiosk Bill, a Digital Gold Bill, and an Anti-SEC/Pro DAO Bill. We also have about 3-4 appropriations from the State that are pushing to fund different programs.

According to Cabell, there is a good chance that State level policy will eventually influence Federal policy. He said:

I think the best thing States can do currently is push common sense legislation and policy that will responsibly allow this industry to grow and thrive. Im hoping to reach out to Congress to let them know what is being accomplished and how policy from a Federal perspective can line up with these initiatives. We are testing everything in the States to get it right before we get Federal policy.

While blockchain and cryptocurrency innovation on a state level is notable, there are a number of challenges that may hamper adoption. For instance, Folino believes that a lack of education among state policymakers may result in delayed passing of legislation. State legislators have several committees trying to absorb information, but do not have robust staff like members of Congress. We also need to demonstrate that blockchain and cryptocurrency innovation is bipartisan, he said.

Echoing Folino, Minor believes that a large knowledge gap remains for state legislators. Legislators often equate blockchain technology with Sam Bankman-Fried and the collapse of FTX. Yet the potential for blockchain technology is infinite, she remarked. In order to solve this knowledge gap, Minor explained that much of the advocacy her organization does is around education and breaking down misconceptions associated with blockchain.

Armes pointed out that coordination is key to driving innovation in large states like Florida. However, he noted that Floridas multiple epicenters, each with their own draws and pulls, can often create internal competition. He said:

This makes an organized message sometimes much harder, as the pace in which Floridas web3 scene is growing is faster than can be politically organized. This is why we put a lot of effort into supporting local meetups around the state, to get the community plugged into the larger community.

Yet Armes believes that States ultimately provide a number of benefits when it comes to implementing crypto and blockchain legislation. States can be aggressive and push the boundaries on legislation, especially when congress is in a bipartisan deadlock, he said. Armes further noted that States can ban federal initiatives that would potentially harm the web3 and blockchain communities in those regions. For instance, we were able to ban central bank digital currencies in Florida, Armes said.

In addition to State accomplishments, Folino mentioned that overall USBC aims to draft legislation that will be adopted by each and every state. If we can come up with model legislation that applies for all state levels, then maybe this will help drive federal legislation.

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US States Collaborate to Drive Blockchain and Cryptocurrency Adoption - Cryptonews