When cryptocurrencies first emerged, it looked as if they would not survive the financial market because of the way they presented their financial services. People expected it to plummet, but instead, it skyrocketed, prompting some to wonder what big changes to crypto are necessary.
Cryptocurrency, a market worth $2.5 trillion, is now the talk of many businesses, governments, and notable individuals due to this. In terms of who should be involved in the regulatory process, some major financial institutions have been given the green light.
Securities and exchange commissions (SEC) and commodities futures trading commissions (CFTC) are expected to be among the regulators. However, different people have differing opinions on who should play the lead.
But who are the key players to make these big changes to crypto? Take a look at who will be making major decisions on the future of cryptocurrency.
Janet Yellen is one of the most powerful financial figures in the US Treasury Department. She is the Treasury Secretary, and she has been a member of teams that have handled the main writing and implementation of several financial rules across different departments.
As a result, she is one of the top critical figures who can influence what occurs in the crypto field if the need for regulation is recognized.
Gary Gensler, the current SEC Chairman, is another possible significant actor who can affect the result of crypto regulatory proposals. He is another wonderful figure who, as a senior official in banking, housing, and urban affairs, can considerably contribute to the motion of regulating cryptocurrency and who should be given the right.
As the head of the SEC, it is expected that he will be a valuable asset because he has worked with several top corporations and investors. One of his responsibilities when working with these top companies is to ensure a fair and orderly market for investors.
Senator Elizabeth Warren is another key figure who has shown strong support for cryptocurrency regulation. She grounds her argument on the necessity for investor protection, which can only be provided if cryptocurrency is regulated.
Her motion aims to deter hackers and make it more difficult for fraudsters to gain access to any cryptocurrency account.
The acting Chairman of CFTC, Rostin Behnam, is another individual that can provide relevant information on what should be right about crypto regulation.
Sen. Patrick Toomey, a Bitcoin and Ethereum investor, is another voice that may contribute to the discussion regarding what should be done about regulation. Being a crypto enthusiast is a bonus because he will award points based on his investment experience that could cause big changes to crypto.
The Future of Crypto
The key players are people who have been at the top of some important financial tiers and can provide valid points that can cause big changes to crypto.