The State of US Crypto Regulation 2023-2023
With the foundations of the world's most popular cryptocurrency and its medium of exchange addressed, the analysis naturally turns to the laws and judicial precedents that have arisen from the proliferation of the crypto market. The United States is not the first country to begin regulating cryptocurrencies, the majority of crypto investors, exchanges, trading platforms, mining companies, and investment funds, as well as the Jobs Act, are housed in the United States. Nation-states strive to be world leaders in exemplary crypto management and, as such, serve as a starting point for this legal analysis. The US crypto regulatory inspection also serves as a unique investigation, as different viewpoints among agencies are found within the country. This different approach to crypto regulation is largely due to the large number of federal administrative agencies in the country such as the Financial Crimes Enforcement Network (FinCEN), the Federal Reserve Board is largely due to the large number of federal administrative agencies in the country such as the Financial Crimes Enforcement Network (FinCEN ), the Federal Reserve Board, the Commodity Futures Trading Commission (CFTC), and the Securities and Exchange Commission (SEC). These agencies' respective classifications of various blockchain-based currencies, the SEC primarily considers cryptocurrencies to be securities, the CFCT refers to media as commodities, and the Treasury Department's FinCEN program uses only the term âcurrency,â thereby analogizing digital coins to the A-dollar. In conjunction with the FinCEN classification, use of the term âcurrencyâ also makes crypto subject to the Anti-Money Laundering Act of 2020, helping the United States limit illegal criminal activity and increase trust in the platform. Discrepancies abound between Bitcoin classifications among U.S. agencies, with Massachusetts District Judge Rya W. Zobel arguing that the blockchain-based coin is a âcommodity,â Bitcoin will likely correct toward 32K.
