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U.S. Follows El Salvador's Lead In Digital Asset Regulation
According to Cointelegraph, the United States is emulating El Salvador's approach to digital asset regulation, as highlighted by Michele Crivelli, founder of NexBridge, a firm specializing in real-world asset tokenization. Crivelli emphasized the significance of establishing an independent regulatory body for cryptocurrency oversight. He noted that the U.S. is making progress with the formation of the Working Group on Digital Asset Markets, a move reminiscent of El Salvador's 2021 initiative to create a legal framework for cryptocurrencies through its National Commission of Digital Assets.
Crivelli further explained that smaller nations, such as El Salvador, are likely to lead the charge in global digital asset adoption due to their lower stakes, eventually influencing larger countries like the United States as the shift towards a digital economy becomes inevitable. This perspective aligns with asset manager Anthony Pompliano's views, who in November pointed to El Salvador and Bhutan's gradual Bitcoin accumulation as evidence of an ongoing global race for Bitcoin.
In a related development, U.S. President Donald Trump has signed an executive order to establish the Working Group on Digital Asset Markets, underscoring the country's commitment to exploring digital asset regulation.
Meanwhile, El Salvador has repealed its Bitcoin legal tender law as part of a loan agreement with the International Monetary Fund (IMF) in January 2025. The IMF had pressured El Salvador to reverse its Bitcoin policies for several months before reaching an agreement. Despite the repeal, which required businesses to accept Bitcoin as payment, El Salvador continues to accumulate the cryptocurrency. Recently, the country acquired an additional 12 Bitcoin, valued at over $1.2 million at the time of purchase, bringing its total holdings to over 6,051 Bitcoin.
In another development, stablecoin issuer Tether announced its decision to relocate its headquarters to El Salvador, citing the country's favorable regulatory environment for digital assets.
Crivelli further explained that smaller nations, such as El Salvador, are likely to lead the charge in global digital asset adoption due to their lower stakes, eventually influencing larger countries like the United States as the shift towards a digital economy becomes inevitable. This perspective aligns with asset manager Anthony Pompliano's views, who in November pointed to El Salvador and Bhutan's gradual Bitcoin accumulation as evidence of an ongoing global race for Bitcoin.
In a related development, U.S. President Donald Trump has signed an executive order to establish the Working Group on Digital Asset Markets, underscoring the country's commitment to exploring digital asset regulation.
Meanwhile, El Salvador has repealed its Bitcoin legal tender law as part of a loan agreement with the International Monetary Fund (IMF) in January 2025. The IMF had pressured El Salvador to reverse its Bitcoin policies for several months before reaching an agreement. Despite the repeal, which required businesses to accept Bitcoin as payment, El Salvador continues to accumulate the cryptocurrency. Recently, the country acquired an additional 12 Bitcoin, valued at over $1.2 million at the time of purchase, bringing its total holdings to over 6,051 Bitcoin.
In another development, stablecoin issuer Tether announced its decision to relocate its headquarters to El Salvador, citing the country's favorable regulatory environment for digital assets.
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