41% Of Texas Voters Endorse Crypto-Friendly Regulation

According to a Newsweek survey, the majority of eligible voters won’t mind crypto-friendly regulations.

Redfield And Wilton Research Firm Conducted The Poll

Redfield and Wilton’s strategies polled the voters from all states. When asked whether digital assets should be officially recognized, the survey revealed that over 41% of Texan voters stated in the affirmative. The survey was also carried out in Ohio, Florida, Virginia, California, and North Carolina.

While some US states have taken progressive steps towards crypto regulation, few have considered it. As of two years ago, Ohio residents could use BTC to pay their taxes. Wyoming remains the only state that has the most progress in terms of crypto regulation.

The state’s senator has predicted that Wyoming would be the first US state to legalize cryptocurrency. Wyoming’s crypto bill proposals were approved three years ago. Even though it doesn’t have a detailed regulation yet, it has been reaping the benefits from crypto in terms of financial security and job creation. Hence, it is no surprise that Texans desire similar policies in their state.

US Officials Seek Control Of The Crypto Market

Redfield and Wilton’s poll was performed as American authorities attempt to better understand the crypto sector and its influence over the traditional finance market. There have been several discussions across all government categories and private finance organizations. If we believe various rumors flying around, the Biden administration will soon promulgate a basic regulatory policy within the next few months.

The financial regulators and the American government are already holding discussions towards achieving that objective. However, the sec is making the most noise about it, with the agency head, Gary Gensler, citing the need to protect investors as its reason for desiring oversight functions over the digital asset industry.

The US treasury has already identified stablecoins as a threat to the financial sector. Hence, it is developing a regulatory framework for that industry. Even though there has been no official announcement, creating a US national digital currency is still in the works. Some analysts opined that the authorities plan to launch the CBDC to nullify stablecoins’ use across the country.

However, since there is no official schedule of the CBDC release, no one can predict how a US national digital currency will affect stablecoins. Strangely, a Newsweek survey revealed that many citizens are not convinced about the idea of a US CBDC. However, the survey results won’t deter the US government from creating its national digital currency since other top economies (mainly China) are already doing so.

Expanding BTC’s Functionality For Broader Mainstream Adoption

In other news, internet computer blockchain is expanding BTC’s capabilities by introducing smart contract features. Per the announcement, native Bitcoin wallets will have smart contracts with the Dfinity foundation hosting them.

The internet computer-hosted smart contract will allow Bitcoin wallets to access the BTC blockchain directly. One significant benefit here is that the processing of transactions with the Internet Computer is faster than on Bitcoin.