Sen. Hagerty outlined the problems that exchanges face amid regulatory hurdles:
“Start-ups are choosing to move overseas to countries with clear regulations in place. The murky waters surrounding crypto regulation in the U.S. force entrepreneurs to set up shop elsewhere.”
If the House, Senate, and President approve, the legislation will become law. It is unclear if and when that process will be completed, though.
The final look and feel of such a CBDC-based system remain up in the air. Industry participants appear to favor a hardware-based approach with an off-ledger infrastructure. However, opting for this route will reduce transparency and accountability, which may be detrimental to the CBDC’s long-term success.
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