US Crypto Crackdown: Regulatory Agencies Target Industry Disconnect
This article is a summary of a YouTube video "Crypto Crackdown Hearing!! Here's What's Going On!" by Coin Bureau
TLDR The ongoing crypto crackdown in the US is aimed at disconnecting the industry from the banking system, with regulatory agencies linked to the Democratic Party leading the charge, while comprehensive regulations for stable coins and investor protection are key concerns in the industry.
The ongoing crypto crackdown aims to disconnect the industry from the banking system, with regulatory agencies linked to the Democratic Party leading the charge.
Comprehensive regulations for stable coins and investor protection are key concerns in the crypto industry, with acknowledgement that crypto requires different regulations than traditional finance.
Regulators need to find a way to manage the risks associated with crypto while being fair to the industry and catching non-compliant actors.
Crypto companies are not registering with the SEC due to lack of profitability and existing securities laws, while regulators focus on preventing big tech involvement and monitoring fiat on and off ramps, with suggestions for clear regulation and compliance with FATF's recommendations to combat illicit activity.
Biden administration wants total control of financial system, SEC targeting onshore crypto companies, turf war between SEC and CFTC, stable coins and ETH being securities doesn't make sense, Warren Davidson advocates for comprehensive crypto regulations that protect self-custody of crypto.
Regulators should apply existing rules to cryptocurrency, but the SEC's approach is causing the US to fall behind on crypto innovation.
Pro-crypto politicians push for regulations, but anti-crypto administration in control until 2024 election; US pushing for global crypto standards through FSB.
Crypto regulations in the US may take 2 more years, but pro-crypto regulations in the UK, EU, and Hong Kong could lead to a potential crypto bear market bottom in the coming months.