thecoinrepublic.com
As per the results that appeared in the Crypto Ready Index, 2021, the United States is considered to be the most crypto ready nation. Bitcoin and Ethereum are regarded as commodities by the United States Futures Trading Commission and the SEC.
As per the several key metrics like Google search, the increasing numbers of Crypto ATMs and legislation, it is seen that the United States appeared to be the most crypto ready nation in the world. This is evident despite the nation not having a clear regulatory framework for the cryptocurrency and that the watchdog of the country is looking to regularize the cryptos.
As per the crypto ready Index, 2021, the United States scores 7.13 out of 10. The research was done by the research firm Crypto Head. As per the results released last week, the increasing number of Crypto ATMs in the United States is 17,000 which is by far the highest in the world. The next closest country has less than 16,000 ATMs.
According to US law, crypto ownership and its use in banks are on the rise. A 140% surge has been observed in the searches for cryptocurrency in the last year. Cyprus was named as the second most crypto-ready jurisdiction in the world. It is due to the sharp increases in Google searches in the past year.
Singapore, Hong Kong, and the UK are the other top 3 countries included in the list for google searches.
Regulatory Framework
The U.S. regulatory framework is very stringent and the regulators are working to regularize the volatile currency. The country looked poised to regress on the regulatory front last year when the Trump administration pushed for stringent legislation on self-custodies wallets.
However, the situation has changed little in Joe Biden’s administration. Although the regulators are working on the regulations for cryptocurrency yet the White House seems to be taking a more favourable stance on digital assets. This has proved with the appointment of crypto admirer and SEC Commissioner Gary Gensler.
There is no doubt that the people of the United States are embracing cryptocurrency as there is a steady influx of new crypto adopters. These are even the Wall Street elite. Yet the future of the regulatory framework remains uncertain. The Commodity Futures Trading Commission and Treasury Department’s Financial Crimes Enforcement Network are seen playing an important role in shaping future crypto regulations in the country.