Recently, U.S. Secretary of Commerce Howard Lutnick unveiled important new regulations designed to increase Bitcoin mining in the US.
In a recent interview, Lutnick unveiled that the government intends to encourage the development of independent power infrastructure in order to speed up Bitcoin mining activities.
To prevent Bitcoin activities from placing an undue burden on the public power infrastructure, this action aims to lessen the mining industry’s dependency on it.
What New Measures is The US Planning?
According to Lutnick, miners will be urged to construct their own power plants and data centers, especially close to natural gas deposits, to utilize the plentiful local energy supplies that may otherwise be wasted.
In addition to encouraging cleaner and more effective energy consumption, this plan fortifies the nation’s economic resiliency and energy independence.
The U.S. government is also thinking of making a revolutionary move by adding Bitcoin to the national currency. This would legally acknowledge Bitcoin’s increasing economic clout and may result in new financial and regulatory structures focused on cryptocurrencies.
Due to these advances, the US is now in a position to lead the world in both Bitcoin mining and cryptocurrency innovation, opening doors for investment, job growth, and technological advancement.
Also Read: North Korean Hacker Group Lazarus Exploits US Shell Companies to Hire and Defraud Crypto Developers
Howard Lutnick Expresses His Personal View on Bitcoin
In the recent statement, U.S. Secretary of Commerce Howard Lutnick made it clear that he sees Bitcoin as a commodity rather than a form of money.
Lutnick believes that Bitcoin ought to be subject to the same laws and regulations as more conventional commodities like gold and oil. He underlined that rather than serving as a medium of regular trade, Bitcoin’s main value comes from its use as a store of wealth or transferable asset.
Lutnick also emphasized Bitcoin’s function in investment markets rather than monetary systems by making analogies to gold and oil. According to his comments, future regulatory strategies should concentrate on Bitcoin’s commodity-like qualities and bring it into line with accepted trading and taxing procedures for other physical assets.
This perspective could influence how the U.S. government structures future legislation and oversight of Bitcoin markets, treating it more as an investment vehicle than a functional currency in the broader economy.
US Also Heightens Support for Bitcoin Market
Secretary Howard Lutnick also made it clear that the US supports the Bitcoin business and wants to see it flourish.
He noted that he and David Sacks, the White House AI and Crypto Czar, are among the ardent supporters of Bitcoin in the present administration.
A change toward a more crypto-friendly regulatory environment was highlighted by Lutnick, who made it apparent that he wanted to see Bitcoin flourish in the United States.
In order to establish the United States as a global leader in the digital asset market, the administration intends to foster innovation, investment, and technological improvement in the Bitcoin and cryptocurrency industry at large by supporting Bitcoin development domestically.
Also Read: US Prosecutors Submit Over 200 Victim Impact Statements in Legal Case Against Former Celsius CEO