Building Trust, Not Hype

The past couple of weeks have proved lucrative for holders of cryptocurrency as the price of bitcoin and other crypto has soared in the wake of Donald Trump’s election victory, but despite the positive impact on crypto prices, there is a longer term view to take when a government that touts crypto, potentially at the expense of regulatory safety, comes into power. Many are concerned about the possible rise in scams and con artists, and the hit to legitimate reputation that they cause that the crypto scene has worked so hard to put behind itself, if regulations are relaxed.

With the incoming Trump administration signaling a pro-crypto stance, including promises to fire SEC Chair Gary Gensler and create a bitcoin reserve, the industry is poised for growth; Trump’s approach could accelerate development of the crypto industry by fostering innovation and reducing regulatory barriers. He has previously expressed interest in making the U.S. a global leader in bitcoin, with the promise of a bitcoin reserve (something that has worked out very well for countries such as El Salvador and Bhutan), although he has a very different outlook on central bank digital currencies (CBDCs) development. Alongside this, the Trump campaign embraced crypto donations, and he has signaled support for market-boosting measures such as an advisory council for crypto policies, all of which signal a time for crypto growth, especially in the US.

However, without appropriate regulatory frameworks in place, Trump’s vision of a crypto future risks fostering an unpredictable and volatile environment where the likes of FTX are able to flourish. Should regulations become too lax, investors and crypto users will be exposed to heightened price fluctuations, fraud, and systemic risks, as seen in past un- or less-regulated crypto booms. A coherent framework is essential to ensure that growth does not come at the expense of financial stability or consumer protection. Not only this, but a lack of clarity in rules and higher risk of fraud would set the US crypto scene at odds with many other jurisdictions around the world, negatively impacting the competitiveness of US crypto solutions that make use of a weaker regulatory overview as the rest of the world seeks to avoid a return to the ‘Wild West’ era of crypto.

Without international agreements on regulatory standards, the crypto market risks becoming fragmented, not only fostering incompatible solutions that could stifle global innovation, but also exacerbating the risk of fraud and fraud’s impact on prices and development. As the U.S. signals a potential shift away from strict oversight, the global community must step up to establish frameworks that prioritize security, transparency, and compliance. Blockpass, with its pioneering identity verification and compliance tools, is uniquely positioned to bridge these regulatory gaps, offering scalable solutions for businesses to meet KYC and AML requirements, fostering a safer, more reliable crypto ecosystem regardless of the stance an individual country takes.

In a time of global regulatory uncertainty as the world waits to see how the new US government adopts crypto, Blockpass offers a platform that protects both individuals and businesses. For individuals, it provides a secure, user-friendly app to manage their verified identities, enabling streamlined access to crypto services without repeatedly submitting personal data and ensuring they are in control of their own information. For businesses, Blockpass delivers cost-effective and comprehensive compliance, ensuring adherence to regulations in any jurisdiction while maintaining user privacy. By simplifying identity verification and offering robust compliance support, Blockpass helps everyone reduce the risk of fraud and build an environment of trust.

About Blockpass

Ditch tedious onboarding and say hello to seamless compliance with Blockpass, the ultimate turnkey solution for KYC, KYB, and AML. Experience the market's most efficient and cost-effective compliance suite, built by seasoned compliance veterans and crypto-natives. Automate compliance processes, eradicate fraud, and onboard globally with confidence. Verify businesses worldwide, launch bank-grade verification for your organization, and instantly activate compliant KYC/AML for DeFi, exchanges, token launchpads, NFT mintings and beyond. Through Blockpass’ decentralized network of a million pre-verified crypto-enthusiasts and a thousand pre-verified businesses, you can expand your reach effortlessly. Leverage Advanced KYC BotTM for intelligent remediation, On-Chain KYC® for data-free anonymity, and Unhosted Wallet KYCTM to meet Crypto Travel Rule regulations. Join Animoca Brands, Cardano, Polygon, Chainlink, Delta Exchange, National Geographic, TinyTap, Seedify, ChainGPT, Iskra and many more in partnering with Blockpass for compliance you can trust, growth you can accelerate and an experience you can enjoy. Join the cutting edge of secure, streamlined onboardings.

Learn more and engage the Blockpass team via the following:

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