American Billionaire claimed — Bitcoin Has a Problem in the US

Paul Tudor Jones, an American billionaire hedge fund manager, said Bitcoin has a real problem. In an interview with CNBC, he stated that due to the unfriendly regulations in the US, Bitcoin is facing trouble.

“Bitcoin has a real problem because, in the United States, you have an entire regulatory apparatus against it,” he said.

In a recent interview on CNBC’s Squawk Box on Monday, the infamous trader spoke about his investment in Bitcoin and admitted strongly to sticking to his plan.

Jones said, “I’m sticking with it. I’m going to always stick with it as just a small diversification of my portfolio.”

Top authorities in the US seem doubtful about the famous cryptocurrency, Bitcoin. Gary Gensler, the Chair of the Securities and Exchange Commission, has been publicly claiming that bitcoin is not a security. In an interview with the Intelligencer in February, he said Bitcoin is not a security, but other well-established cryptos can be considered securities.

He believes that many cryptocurrencies should be considered securities and therefore subject to regulations enforced by the SEC.

In America, the Commodity Futures Trading Commission (CFTC) is responsible for regulating and overseeing futures, options, and swaps, and the SEC is tasked with setting up to regulate securities such as stocks.

Simultaneously, the chair of the CFTC, Rostin Behnam, has proclaimed Bitcoin as a form of commodity, and it falls under his authority.

Currently, US lawmakers are working to make a law to provide exact consideration for cryptocurrencies, whether they are securities or commodities.

In June of last year, Senators Cynthia Lummis and Kirsten Gillibrand introduced the Responsible Innovation Act. At that time, it did not get approval. Now, they are planning to introduce a revised version of the bill in the coming spring.

The pair of US Senators delegated oversight of the most popular cryptocurrencies to the CFTC while addressing stablecoins and taxes in their proposed Act.

The pair said they are going to make a newer version of the Act that includes and clarifies the tokens and definitions.