A strong Congressman will Receive Crypto Advice from an Indian American | Regulation Round the world

By siliconindia   |   Monday, 21 February 2022, 19:39 IST
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Congressman Pete Sessions' Crypto Technical Working Group has appointed an Indian American as the main economic development and energy infrastructure expert

FREMONT CA: Himanshu B Patel, an Indian American, has been selected as the top economic development and energy infrastructure advisor for Congressman Pete Sessions' Crypto Technical Working Group. Sessions said in a statement that the US and India must lead the world in establishing standards for breakthrough frontiers in financial digital technology and energy infrastructure development.

Addressing Patel, Sessions said that collaborating with him will enable his team to further educate policymakers and engage the global business community. Increased collaboration among experienced professionals and world-class leaders will promote initiatives on a mutually beneficial global scale.

Patel, in a statement, noted that joining Sessions' team and the Crypto Technical Working Group will pave the way for collaborative conversations about digital currency and cryptocurrencies for a fair market and a shift to green world laws that support electric vehicles. Triton Electric Vehicles, the creator and managing director, is trying to develop worldwide capabilities for producing electric trucks and vehicles from India. Quoting further, he also mentioned that his prime focus is to bring India and US interests jointly to expedite these innovations while also addressing the issues that the energy infrastructure faces as these advances become more widespread.

Cryptocurrency Landscape in the United States

The United States is making a legal approach in drafting federal cryptocurrency legislation. Cryptocurrencies are not considered legal tender by the Financial Crimes Enforcement Network (FinCEN), but cryptocurrency exchanges are considered money transmitters since cryptocurrency tokens are other value substitutes for cash.

In the United States, cryptocurrency exchanges are lawful and regulated under the Bank Secrecy Act (BSA), which means that bitcoin exchange service providers must register with FinCEN, establish an anti-money laundering/counter-terrorist financing program, keep proper records, and submit reports to the authorities.

Meanwhile, the Securities and Exchange Commission (SEC) in the United States has stated that cryptocurrencies are securities and that securities regulations apply to digital wallets and exchanges in their entirety. The Commodities Futures Trading Commission (CFTC), on the other hand, has taken a more friendly, "no harm" stance, referring to Bitcoin as a commodity and allowing bitcoin futures to trade publicly.