Cryptocurrencies like Bitcoin and Ether are considered to be commodities by the United States Commodity Futures Trading Commission and the Securities and Exchange Commission.
Because of not having a fixed regulatory framework on cryptocurrencies, the U.S. has put itself as the “most crypto-ready” nation in the world based on several key metrics, such as Google searches, crypto ATM saturation and legislation.
The Crypto-Ready Index of the year 2021, courtesy of research industry Crypto Head, gave the U.S a best score of 7.13 out of 10.
“In terms of crypto ATMs, the USA is leading the way with over 17,000 which is by far the most in the world, as the next closest country has around 16,000 less,” the results, which were declared on Thursday, showed. “US law allows for ownership of crypto and its use in banks, and there has been a 140% increase in searches for cryptocurrency in the past year.”
Cyprus was named as the 2nd most crypto-ready jurisdiction in the world, mainly for the sharp increase in Google searches over the past year.
Rounding out the top five are Singapore, Hong Kong and the U.K..
The U.S. looked self assured to regress on the regulatory front last year when the outgoing Trump administration pushed for harsher legislation on self-custodies wallets. Under President Joe Biden, the White House appears to have taken a more favorable stance on digital assets with the appointment of Gary Gensler, a crypto-friendly lawmaker, to the position of SEC Commissioner.
Although the United States has seen a steady influx of new cryptocurrency adopters, including some Wall Street elite, the future regulatory framework remains uncertain. The Commodity Futures Trading Commission and Treasury Department’s Financial Crimes Enforcement Network are expected to play a bigger role in shaping future crypto regulations in the country.