Bitcoin
The Future of Crypto in the US

The hearing “The Future of Digital Assets: Measuring the Regulatory Gaps in the Digital Asset
Markets” brought together U.S. politicians and cryptocurrency industry leaders to discuss the
future of cryptocurrency regulation in the United States.
Policymakers such as Dusty Johnson, Yadira Caraveo, French Hill, Stephen Lynch, Patrick
McHenry, and Maxine Waters underlined the need for robust and competitive crypto
regulations while advocating for greater collaboration between the U.S. Securities and
Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission
(CFTC).
Industry representatives including Andrew Dergey, Matthew Culkin, Marco Santori, Daniel
Schoenberger, Timothy Massad, and Michael Blaugrund testified about various aspects of the
crypto market, the need for clearer regulations, and the potential for U.S. competitiveness in
the global crypto market.
Key themes discussed included the need for:
- Increased collaboration between SEC and CFTC.
- The appropriate classification of certain cryptocurrencies as securities or commodities.
- The role of decentralised crypto projects.
- The comparison between traditional and crypto exchanges.
Matthew Culkin suggested that Bitcoin and Ethereum should be treated as commodities, while
Marco Santori emphasised the need for the U.S. to follow crypto-specific regulations being
implemented in the UK and EU. Timothy Massad proposed the formation of a self-regulatory
organisation for crypto exchanges, while Michael Blaugrund asserted that crypto exchanges
should follow the same rules as traditional centralised exchanges.
Several politicians asked specific questions about decentralisation, Know Your Customer
(KYC) requirements, the feasibility of a self-regulatory organisation, and the status of specific
cryptocurrencies. Notably, Bill Foster argued for the connection of crypto wallets to
government-issued digital IDs, and Nikki Budzinski emphasised the need to make crypto
conversations more relatable to average people.
Despite some anti-crypto sentiments from politicians like Al Green and Brad Sherman, there
was a general recognition of the potential influence of a pro-crypto stance on political futures.
The future of U.S. crypto regulation may be shaped by upcoming crypto-specific regulations
in jurisdictions like the EU and UK, and the balance of power in the crypto sector could shift
significantly depending on the enforcement of new rules in pro-crypto jurisdictions like Hong
Kong.
The next few months are considered crucial for the U.S. crypto market and its regulations,
with the potential for a significant crypto bull run if the U.S. successfully replicates pro-crypto
regulations seen overseas.
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Bitcoin
Tokenized KYC: Tron Founder Foresees Crypto Regulation Future

In a recent interview, Justin Sun, founder of Tron, discussed the increasing regulatory scrutiny on the cryptocurrency industry and how tokenized know-your-customer (KYC) checks could become a new standard. He suggested that, in the future, even decentralized exchanges might need to adopt these procedures to ensure compliance with “travel rules and anti-money laundering (AML) requirements.”
Sun’s comments come amid a broader conversation about regulatory requirements for cryptocurrencies, particularly in the United States. Sun conjectured that the U.S. government could mandate KYC checks for anyone involved in crypto token transactions. This could mean that developers of decentralized exchanges, like Uniswap, would have to ensure KYC checks for all their on-chain users.
In a potential solution to this regulatory challenge, Huobi, a cryptocurrency exchange where Sun is an advisor, recently launched the Dominica Metaverse Bound Token (DMBT). Part of the state-backed Dominica Metaverse Digital Citizen (DMDC) program, DMBT is a “soulbound token” that essentially offers tokenized identity to those who have passed tier 3 KYC verification on Huobi. This verification process includes facial recognition and the submission of personal information and national ID pictures.
DMBT is minted on the Tron blockchain and grants holders “citizenship” to the Dominica Metaverse, which serves as a government-issued ID for the Commonwealth of Dominica. Beyond its initial function as a virtual interaction layer and a regional marketing tool, Sun envisages greater potential for the Dominica Metaverse in other parts of the digital economy.
According to Sun, having a recognized platform with KYC could enable users to access various platforms using the same soulbound token or decentralized ID. Such a system could be adopted by different applications such as Compound, Uniswap, and dYdX to verify a user’s identity.
Sun believes that this approach could balance regulatory compliance with the core values of decentralization and self-custody of digital assets prevalent in the crypto industry. He anticipates a multitude of use cases for decentralized ID in the future, given its potential to meet both user and regulatory needs.
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