The post Pantera Capital Highlights Political Shift Towards Blockchain appeared on BitcoinEthereumNews.com.

Lawrence Jengar Jul 23, 2024 17:45 Pantera Capital discusses the significant shift in U.S. government stance towards blockchain, highlighting key regulatory changes and political endorsements. Political Shift Towards Blockchain Pantera Capital has highlighted a notable shift in the U.S. government’s stance towards blockchain technology and cryptocurrencies. This change is evidenced by recent comments from former President Donald Trump and other significant regulatory developments. According to Pantera Capital, several parts of the U.S. government have historically been antagonistic towards blockchain. However, sentiments appear to be changing. The firm points out that 93 million Americans own cryptocurrency, a demographic that has considerable voting power. Trump’s recent comments at the Bitcoin 2024 conference in Nashville marked a significant pivot, indicating a more favorable view towards blockchain and cryptocurrencies. He emphasized the strategic importance of blockchain technology to the United States, warning that if the U.S. does not embrace it, other countries, particularly China, will dominate the space. Regulatory Developments The shift in political sentiment has had immediate market impacts. The probability of the Securities and Exchange Commission (SEC) approving an Ethereum (ETH) ETF surged from 6% to nearly 100% within two weeks following Trump’s comments. This marks a significant step in recognizing Ethereum as a non-security, aligning with a U.S. District Court ruling that XRP is not a security in most instances. Pantera Capital also praised early regulatory moves by agencies like the Commodity Futures Trading Commission (CFTC) and the Internal Revenue Service (IRS). The CFTC has been proactive in holding public hearings and regulating futures, while the IRS classified blockchain as property back in 2013, affording holders long-term capital gains tax benefits. Blockchain in U.S. Policy The U.S. government’s previous stance on crypto-asset regulation starkly contrasts with its approach to the internet. The government played a pivotal role in building the internet,…

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Filed under: News - @ July 25, 2024 1:26 am