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As bitcoin continues to surprise with new milestones almost daily, are U.S officials signaling that more regulation is coming, and is that a threat to this year's massive price rally? After surpassing market capitalization of $1 trillion on Friday, bitcoin prices tumbled from new record highs of $58,000 back to $50,000 on Monday "The way federal regulation usually works is that an agency will be assigned to be your primarily federal regulator.
For instance, banks are regulated by the Federal Reserve, brokerages are regulated by the SEC asset managers, and commodities trading firms are regulated by the CFTC Each one of those touches on bitcoin but doesn't have primarily federal regulatory authority over bitcoin itself," explained Bloomberg Intelligence analyst Ben Elliot On the CFTC side, bitcoin has been declared a financial commodity, which means that the CFTC can regulate futures and other derivatives that are settled in bitcoin or are based on bitcoin.
The big question investors have is if bitcoin continues to trade like "Digital gold," will it be taxed like gold as well? "On the good side, the drivers for adoption are higher prices and more companies announcing they are buying bitcoin Regulations are already baked into the price as most people know that more are coming Unfortunately, bitcoin price is still connected to the stock market, and if the stock market crashes, so will bitcoin," he described.
"The problem is that it is a huge lift and takes a lot of work And until something pushes them to do it, it is not a big concern If you compare bitcoin's market cap to some of the largest ETFs' market caps, it is still inconsequential.
All those incremental changes like taxes are probably like a 2022 thing at best just because the state of the world today is that there are way more pressing priorities." . Source
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