Why the US is one of the world’s most crypto-friendly nations

It may come as a surprise to some, but the US is undoubtedly one of the friendliest nations when it comes to crypto.

With the most Bitcoin and Ethereum nodes, it ranks first, and regulators are particularly interested in the topic. President Joe Biden’s administration published a number of federal reports in September that discussed possible regulations for cryptocurrencies in the next year.

Crypto adoption

In those papers, the Office of Science and Technology stated that it is the role of the government to “defend” people from the harmful effects of cryptocurrency-related pollution and climate change. America’s largest-ever investment in renewable energy, climate resilience, and greenhouse gas emission reduction is President Biden’s Inflation Reduction Act. A $370 billion incentive fund, including green energy tax credits, is set aside as part of the plan to encourage the widespread development of clean energy technology and advance the electrification of American society.

By enabling distributed energy resource coordination, the use of blockchain technology in power microgrids has the potential to support “the techno-socio-economic innovations for the restructuring of the sustainable energy supply chain.”

The most popular blockchain, Ethereum, recently underwent a transition to the more environmentally friendly proof-of-state (PoS) consensus process through its Merge event. The network now offers a tempting payout on staking, and the upgrade increased its viability, security, and took steps to increase its scalability.

According to a report released in September 2022 by the Crypto Carbon Ratings Institute, Ethereum’s switch from proof-of-work to proof-of-stake has lowered the amount of electricity the network uses and its carbon footprint by more than 99.992%. This should assist the United States in achieving its climate targets, which are “a 50% to 52% decrease in GHG emissions by 2030, a carbon pollution-free power system by 2035, and a net-zero emissions economy no later than 2050,” according to the Office of Science and Technology.

Bitcoin adoption

Some of the biggest asset managers have entered the digital asset space as a result of the crypto market collapse, including MassMutual and BlackRock. Five years after its CEO Larry Fink referred to Bitcoin as a “index of money laundering,” BlackRock launched an investment trust that tracks the price of the cryptocurrency.

Asset management company KKR’s $491 billion Health Care Strategic Growth Fund II will be tokenized by digital asset developer Securitize Capital. And a brand-new cryptocurrency exchange called EDX Markets, which is scheduled to open in November, is being launched by Charles Schwab, Citadel, Fidelity Digital Assets, and others.

Meanwhile, cryptocurrency exchange Coinbase declared in September that it will contribute financially to a lawsuit against the Treasury Department that contends it overstepped its authority by ruling against the Tornado Cash crypto mixing business.

The federal government is willing to create central bank digital money

In July 2022, the Office for Financial Research of the Treasury Department published a working paper that examined the potential effects of a central bank digital currency (CBDC) on the stability of the larger financial system. Two potential effects of a CBDC on financial stability were noted: “First, banks undergo fewer maturity transformations when depositors have access to CBDC, lessening their vulnerability to depositor runs. Second, by keeping an eye on how money enters CBDC, regulators are able to respond to stressful situations faster, which reduces the motivation for depositors and other short-term creditors to withdraw assets.”

In the meanwhile, stablecoins and a CBDC were examined for the Treasury Department’s September 2022 report “The Future of Money and Payments,” which noted there is a “natural use case” for a CBDC. In order to “create the future of money and payments,” “promote U.S. global financial leadership,” “advance financial inclusion and equity,” and “minimize risks,” the study takes these aspects into account.

NFTs on the Green side

In an interview with me, John Crain, co-founder and CEO of nonfungible token (NFT) platform SuperRare, elaborated on the effects of PoS, saying: “Artists have always been at the forefront of progressive causes, so proof-of-stake Ethereum is really a game changer in terms of solving for one of the biggest issues in NFT technology. […]

We believe this will benefit crypto art and anticipate it will only help the sector flourish. The revised PoS Ethereum mainnet will host one of the first viable NFT collections, according to ConsenSys, which was founded by Ethereum co-founder Joe Lubin.

Crypto used for illegal purposes

The alleged crimes concerned a former product manager at Coinbase, according to the Department of Justice, which reported in June 2022 that it had detained three persons in connection with the “first first cryptocurrency insider trading tips operation.”

To support its “efforts to combat the growing threat posed by the illicit use of digital assets to the American public,” the department published its “The Role of Law Enforcement in Detecting, Investigating, and Prosecuting Criminal Activity Related to Digital Assets” report in September 2022 and established a national Digital Asset Coordinator Network.

Attorney General Merrick Garland stated, “We must work in tandem with departments and agencies across government to prevent and disrupt the exploitation of these technologies to facilitate crime and undermine our national security as digital assets play a growing role in our global financial system.”

“Developments in digital assets have created a new landscape for criminals to exploit innovation to further significant criminal and national security threats domestically and abroad,” said Assistant Attorney General Kenneth Polite Jr. of the Justice Department’s Criminal Division. He added: “Through the creation of the DAC Network, the Criminal Division and the National Cryptocurrency Enforcement Team will continue to ensure that the Department and its prosecutors are best positioned to combat the ever-evolving criminal uses of digital asset technology.”

Regulatory Framework

The White House recently released a fact sheet outlining a regulatory framework for digital assets to protect consumers by “issuing guidance, increasing enforcement resources, and aggressively pursuing fraudulent actors.” This was done in accordance with Biden’s Executive Order on Ensuring Responsible Development of Digital Assets.

The Office of Foreign Asset Control (OFAC) of the Treasury Department also updated its guidance for the cryptocurrency sector on how individuals and organizations can continue to comply with its sanctions against Tornado Cash, the Ethereum privacy mixer that was blacklisted over claims that North Korean hackers used it to launder money. According to the government, individuals may apply for an OFAC license to remove funds related to Tornado Cash.

IMPT Token Presale

IMPT.io is a brand-new project focused on using blockchain technology to create a greener world, and it’s currently on pre-sale, having already raised over $1.8 million.

This blockchain-based ecosystem aims to transform the opaque carbon credit market by incentivizing individuals and companies to reduce CO2 emissions.

IMPT’s primary service is streamlining the process of obtaining and trading carbon credits, which play a fundamental role in the fight against climate change. These carbon credits are essentially contracts that allow the holder to emit a specific amount of CO2 into the atmosphere. Each carbon credit typically relates to one ton of carbon dioxide emissions.

Interestingly, these carbon credits can also be traded, with prices decided based on the laws of supply and demand. The whitepaper for this project can be consulted here.

IMPT raises over $1.8 million in the first few days of the presale

The presale for IMPT has started, and the project has already managed to successfully raise over $1.8 million. As the presale progresses, the price will steadily rise, meaning that the earliest buyers are the ones who will end with the best deal.

Right now, IMPT is in its first presale phase with IMPT tokens being sold for just $0.018. There are a total of 600,000,000 tokens (3 billion IMPT is the max supply) up for grabs during this round, with a further 660 million to be sold for $0.023 during round two, and another 540 million to be sold during the third and final presale phase for $0.0280.

The price will increase progressively throughout the presale, so the earliest purchasers will end up with the best value.

Visit IMPT

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