Letter: Cryptocurrency Game-Changer?

By: Marc Sherman, Dakota Dunes
January 29, 2024

Recently, the Securities and Exchange Commission (SEC) approved a game-changing decision for the cryptocurrency industry.

The SEC voted to allow mainstream investors to buy or sell bitcoin just as they sell and buy stocks and mutual funds. Before this decision, investors who wanted to buy or sell digital currencies had to trade on crypto exchanges and incur hefty transaction fees.

This decision is a huge step forward for the digital asset and cryptocurrency industry and comes as U.S. lawmakers discuss legislation that would provide clarity and certainty for the industry.

Why is this so important to South Dakotans? Well, the use of digital assets has grown tremendously over the past two decades. Bedrock industries such as finance, manufacturing, agriculture, and energy have all experienced tremendous benefits through the use of various digital innovations. Unfortunately, modernization has outpaced regulation, and this has left users of blockchain technology and digital assets unprotected.

A regulatory framework is essential to balance innovation with accountability and protect against potential risks. The absence of uniform regulations can lead to inconsistencies in how blockchains and digital assets are utilized across industries, thus hindering their widespread adoption.

South Dakota leaders such as Sen. Rounds can play an important role in ushering in an era of greater federal regulation of the digital innovation industry. Clear regulatory frameworks can mitigate risks and instill confidence in investors. This will lead to more jobs in South Dakota and a more diversified American economy. Lawmakers have the opportunity this session to balance innovation and protection. If done correctly, the full potential of these new technologies will be unlocked and lead to progress for generations to come.

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