Seamus Donoghue, METACO’s VP of sales and business development, has recently stated how crypto regulations have impacted the industry. It has been seen that many of the government agencies have provided regulatory clarity. These changes have benefited the institutional investors to a very great extent.
METACO’s VP stated that crypto regulatory barriers have been falling for institutional investors in different countries across the world in 2020. This year a lot of financial firms including several mainstream ones, have also invested in cryptocurrency, especially Bitcoin.
Even though METACO’s VP has praised crypto regulations, he has also mentioned some kind of threat from those regulations. He stated:
“There have been concerns around new heavy-handed last-minute regulations from departing Mnuchin's Treasury depart and the recently announced STABLE act seems to be missing the whole value proposition that decentralised finance can deliver to the unbanked.”
STABLE Act is meant to tighten the whole regulations for all the firms that are aiming to enter the stablecoin ecosystem. Along with this, there are some rumors that Steven Mnuchin, Treasury Secretary of the U.S., might put a ban on all the self-custody crypto wallets.
Even though 2020 has been a year of great crypto adoption across the world, there are rumors which might break this trend in 2021. However, the rumor of putting a ban on crypto wallets by Mnuchin is the major one of all. In case this kind of regulations will come into force, there will be a major impact on crypto adoption. The whole crypto community is now required to educate the policymakers and encourage them to make a better regulatory framework. If there will be restrictions on crypto wallets, people will not be able to have control over their funds. This is going to be a nightmare for the whole crypto industry.