According to the United States Commodity Futures Trading Commission and the Securities and Exchange Commission, cryptocurrencies such as Ether and Bitcoin are considered to be commodities. A status that is certainly not adopted by most of the world and one which has helped contribute to the U.S being the nation most ready for crypto.
On the basis of key metrics like Google searches, crypto ATM saturation, and legislation, the U.S. has positioned itself as a nation ready to embrace the good that crypto is ready to bring. Despite their position, does not exist a clear regulatory framework on cryptocurrencies.
The 2021 Crypto-Ready Index gave the U.S. a top score of 7.13 out of 10 and added that the country law enables for ownership of crypto and its use in banks, and there has been a 140% growth in searches for cryptocurrencies in the past year.
Besides that, according to results shown on Thursday, in terms of crypto ATMs, the USA is heading the way with over 17,000 which is the most in the world, as the next closest country has around 16,000 less.
Considering the Crypto Head source, Cyprus was appointed as the second most crypto-ready jurisdiction in the world, mainly for the expansion in Google searches over the past year.
Completing the top five are Singapore, Hong Kong, and the United Kingdom. Ireland, Slovenia, Australia, Germany, and Canada follow among the top ten.
As a result of the outgoing Trump administration pushing for harsher legislation on self-custodies wallets, the USA has seemed to go into reverse on the regulatory front last year.
Under President Joe Biden, the White House appears to have taken a positive stance on digital assets with the designation of Gary Gensler, a crypto-friendly lawmaker, to the position of SEC Commissioner.
The future regulatory framework continues to be doubtful even though the USA has seen a steady influx of new cryptocurrency adopters, including Wall Street Elite.
The Commodity Futures Trading Commission and Treasury Department’s Financial Crimes Enforcement Network are hoped to perform a bigger role in shaping future crypto regulations in the country.
