Many developed countries have acknowledged the Bitcoin market as an innovative financial arena, and others, like Taiwan, have made great efforts toward incorporating Bitcoin, SEC and other digital crypto assets into their economies. Representatives from the US Chamber of Digital Commerce claim that the country’s digital financial ecosystem is lagging behind in a variety of ways.
Where do the SEC and CDC stand right now?
For some time now, the Bitcoin ETF has been a topic of discussion within the chamber. With simplified, tax-free access to trading the largest digital asset in the world, an exchange-traded fund might attract more ordinary traders into the cryptocurrency market.
After more than a decade of back-and-forth, leaders from the crypto community and the SEC still have not settled on a middle ground. The SEC’s continued rejection of ETF applications is based on regulations and laws originally enacted to cover stock and commodity markets. The SEC is not interested in exploring alternative, more flexible approaches to dealing with the realities of the digital economy.
The Chamber of Digital Commerce has taken a quite aggressive stance, advocating litigation against the SEC’s judgments and a more direct route to their desired outcome of developing and issuing a Bitcoin ETF. The United States has lagged behind the rest of the world, which is another strong claim that holds water. A lot of fintech’s investors and creators aren’t interested in making products for the US market because they don’t think there’s much of a return on investment.
Compared to other industrialized nations, the United States is lagging behind.
The Chamber of Commerce provided a rundown of western economies that have previously approved Bitcoin ETFs for trading. Some countries that come to mind are Australia, Germany, Canada, and Sweden. The Asian trading community is ahead of the rest of the world in its acceptance of Bitcoin trading in all its forms.
If the United States wishes to keep up with this rapidly developing industry that does not accept sluggishness and indecision, the SEC’s current stance on the cryptocurrency market must be addressed as quickly as possible.