25% of the total Bitcoin trading in the world takes place in the United States. This statistic in itself should serve as an indicator of how widely cryptocurrency is used in the United States. There are still no government regulations controlling cryptocurrencies, and each state must decide how to manage virtual currencies by itself. However, at the present moment, buying and trading of cryptocurrency is completely legal in the United States.
In this article, we are going to review the status of the crypto industry in the United States.
Legal Status of the Crypto Industry in the United States
Federal and state legislators have all been paying very close attention to the crypto industry. In general, government agencies and legislators have commended blockchain and cryptocurrency technologies as key components of the United States’ future infrastructure, emphasizing the necessity for the United States to continue to make a significant contribution to their growth.
Many government bodies have recognized the dangers of excessive regulation and warned legislators against introducing laws that would encourage individuals to conduct their investments in these technologies in other countries.
Some state governments have sought to strengthen cryptocurrency by enacting legislation that exempts crypto from money transfer rules. Such states want to use a growth strategy to boost the regional economy and benefit the public.
Crypto Exchanges in the United States
There are several crypto exchanges in the United States where individuals can buy and sell virtual currencies. Here is a short list of the top 3 crypto exchanges in the United States:
Binance is among the top crypto exchanges in the world, with over two hundred digital currencies to purchase and trade. This company has risen quickly to be the most successful crypto exchange platform with the highest transaction value. People living in the United States can use USD for purchasing and trading cryptocurrencies on this crypto exchange.
Kraken was established in 2011 as a crypto exchange. Considering traffic and asset values, this exchange is among the top 3 crypto exchanges.
Based in San Francisco, California, Coinbase is widely regarded as the greatest cryptocurrency exchange in the United States. It is now the largest crypto online marketplace in the United States, as well as the most secure.
Crypto Companies in the United States
There are several crypto companies active in the United States and each one operates in a different sector of the crypto industry. Here is a short list of the top 3 crypto companies in the United States:
LedgerX, a cryptocurrency trading platform based in New York, has accomplished what looked practically impossible just a few years ago. It established Bitcoin as a legitimate financial asset.
The Ripple startup, which aims to simplify payment systems and remittances, has experienced tremendous growth in the past year and is now hiring for positions all over the globe.
Gemini is a crypto exchange that began operations in 2015 and became the nation’s first authorized ether exchange platform the following year. Most of the same scaling issues that other crypto exchanges experience are faced by this company, too.
Crypto Investment in the United States
Crypto investments are legal in the United States. Cryptocurrencies have been classed as assets, commodities, and properties by US regulatory authorities, allowing individuals to buy, sell, mine, and trade them. However, it is not a regulated investment, and operations are susceptible to gains or losses for taxation purposes. It’s ideal to think of cryptocurrencies in the same way that silver or gold, two well-known commodities, are thought of.
The U.S. government generally has a positive attitude towards the crypto industry and there are several crypto exchanges and crypto companies active in the region.
As for the legal issues, there are no restrictions or bans on cryptocurrencies in the U.S right now, so this country could be a place where these digital currencies can flourish in the near future.
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