- China used to be at the forefront of a crackdown on Bitcoin mining and crypto trading
- Sheila Warren predicts that the US will take the lead in crypto issues in 2022, pointing to this one year’s Capitol Hill hearings animated lawmakers and crypto executives as the harbinger of what is to achieve support.
The head of data, blockchain and digital assets at the World Financial Dialogue board (WEF) Sheila Warren says 2022 will be the one year that the US turns into the “large elephant in the room,” with regard to crypto law.
In 2021, China has enforced a severe crackdown on Bitcoin mining and crypto trading, forcing thousands of miners and more than one crypto suppliers to behold friendlier locations for his or her operations. The US emerged as one amongst those locations, with miners drawn to areas similar to Texas for the low-cost and ample renewable energy.
While the US Federal Reserve chair has previously stated that the US is no longer going to ban cryptocurrencies, a call also made by US Securities and Exchanges Commission (SEC) chief Gary Gensler, Warren believes contemporary events on Capitol Hill would possibly perchance perchance comely be the starting of diagram more hearings and more durable regulatory approaches.
Giving her market prediction for 2022, the Money Reimagined podcast co-host stated in a recent interview that she foresees the US making large moves in policymaking.
“If I predicted final one year that China used to be going to be the huge elephant in the room making some large moves, I feel this one year, it’s no doubt going to be the US,” she famed.
She acknowledges that accurate policymaking is a direction of that can take a actually prolonged time, meaning one can’t comely suppose with easy process that hundreds of insurance policies will be enacted in 2022. Nonetheless, she believes that the one year would possibly perchance perchance look a surge in hearings and other regulatory process, with the authorities and regulators taking a closer stumble on at the crypto industry.
CBDCs, NFTs, and overall crypto adoption
Warren also talked about central financial institution digital currencies (CBDCs) in the EU and the US, noting that the sphere will seemingly keenly stumble on China’s focal level on expanding speak of the digital yuan. By system of issuing digital money, she thinks the EU would possibly perchance perchance comely beat the USA to the finish line.
At some level of the interview, the WEF exec member used to be also particular about non-fungible tokens (NFTs) and believes the crypto and blockchain dwelling as a full is made up our minds for additonal institutional adoption.
According to her, adoption across corporations would possibly perchance perchance positively impression the job market, with crypto’s valuation seemingly to spike as the labour market moves into the industry.
