The condition of cryptocurrency in the United States is very tough if we talk about the businesses that are involved in the cryptocurrency sector over there they are suffering quite a lot because of a lot of uncertainty that exists in the regulations that are going to be defining how the particular sector is going to be working as it is pretty unclear and that is causing quite a lot of lawsuits to be found against many prominent cryptocurrency businesses over there in the US.
The SEC has been continuously taking actions against a lot of companies in the US which is causing them a great deal of hassle as they are continuously facing lawsuits that are filed against them and as a result, many businesses have decided that they are not going to be having their operations continued in the country and look for opportunities elsewhere as well as we have also seen a lot of companies downsize their businesses and restrict a lot of services that might be going off the charts as per the authorities.
All in all the conditions in the United States are pretty bad for business as no one has perfect liberty about what is allowed to be done and what the actual things people can be doing without getting into any trouble and that has led to a demand for a well defined regulatory Framework in the country and also a bit of a friendly nature towards businesses who are having themselves set up in the country as us is a very big market for cryptocurrency in the user base over there is massive as well.
Due to all of these kinds of conditions that the people as well as the businesses are facing in the country, there was an increased demand for those particular things and as the Presidential elections of the United States are coming up there was a candidate who had himself proposed to have campaigns for cryptocurrency.
Vivek Ramaswamy who is a US presidential candidate has always been talking about how if he gets elected president he is going to have a particular path that is going to dedicate itself completely to the policy of digital assets and also going to be laying off almost every particular aspect that the security and exchange Commission or the sea had put in place. It was a promising campaign that Vivek had and also gained a lot of attention from the Crypto community not only in the US but globally as well because there was a particular candidate who was talking about cryptocurrency and digital Assets and its policies.
People did have High Hopes for him that was going to be a bit Revolutionary or at least something that people would have a chance to talk about as previously there was no leader or any candidate who talked about digital assets so openly in their own Manifesto K did mention all of these things. He also talked about safeguarding software developers as digital wallets because cryptocurrencies are going to be treated as commodities and it is going to also be taken care of so that the influence of SEC is reduced on the Crypto sector.
Vivek did say in one of his interviews that he is going to make sure that the thing that is missing on the particular day of today is clarity from the regulators about the cryptocurrency sector and he is going to make sure that these things do not exist as it is going to be a very big roadblock in making everything perfectly legal as well as also monitoring the things that they are supposed to be like.
He also criticized a few decisions as well as actions that the SEC took as he was not clearly in agreement with all of the things that they did and he also talked about it very openly in some debates that he participated in which is something that did give confidence to the people who are going to be getting themselves in the world in the voting procedure that is going to happen or as already started happening and that is why people from the Crypto community did have High Hopes from the particular candidate.
But sadly today the Republican candidate has called off his campaign and canceled his raise to the Presidential elections after finishing 4th in Iowa. He has decided to suspend his campaign and that is a bit of sad news for the entire cryptocurrency community because he was the only candidate who had a Crypto plan himself and also did mention it quite of you times and it was something that people were after this particular elections that did happened however it was evident that he might not be able to win it but the revolution that he did brought up this topic in front of everyone is itself something to be quite cheerful about.
Nevertheless, it will be exciting to see how the President who gets elected this time as well as the entire community that gets together after this particular election is going to be acting towards the particular industry as it has already seen quite a lot of term oil in the last few months to be precise and that has caused an immense deal of trouble to a lot of businesses.
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