**Crypto Regulation Update: A Shift in the Landscape**
As November 2024 comes to a close, the cryptocurrency world is experiencing a significant shift in regulatory developments. The industry is navigating complex challenges, with key players like the SEC, CFTC, and DOJ taking action. **SEC Challenges**
Gary Gensler, the SEC’s chair, has announced his resignation, effective January 2025.
Meanwhile, a federal judge ruled that the SEC overstepped its authority in expanding the definition of “dealer” under the Securities Exchange Act of 1934. This ruling highlights ongoing legal challenges faced by the SEC in adapting its framework to the evolving crypto industry. **CFTC and CFPB Advancements**
The Commodity Futures Trading Commission (CFTC) has recommended using distributed ledger technology to expand non-cash collateral usage.
The Consumer Financial Protection Bureau (CFPB) has finalized a rule expanding oversight over nonbank digital payment providers, excluding digital asset transactions. **Congressional Inquiries and DOJ Actions**
US Congress members have expressed concerns and inquiries related to cryptocurrency regulation.
Representative French Hill urged federal regulators to halt rulemaking, while Representative Sean Casten questioned the Treasury about crypto mixers like Tornado Cash. The Department of Justice (DOJ) has sentenced individuals linked to major crypto-related crimes, including the Bitfinex hack and the operation of illegal crypto mixers.
**International Regulatory Developments**
Regulatory bodies globally have taken significant steps. The Hong Kong Monetary Authority issued warnings against unlicensed overseas crypto firms, while the UK’s Financial Conduct Authority secured convictions for individuals involved in crypto investment fraud.
The Bank for International Settlements Settlements explored the role of participants in decentralized exchanges through a new working paper. **State-Level and Other Regulatory Actions**
California revoked BlockFi Lending LLC’s financial license, highlighting stringent regulatory scrutiny. These actions demonstrate the ongoing regulatory challenges and changes at both federal and state levels in the United States.
**The Future of Crypto Regulation**
As regulators and legal entities continue to adapt to technological advancements, the crypto sector remains in a state of flux. The ongoing debates over jurisdiction, compliance, and innovation will shape the future of cryptocurrency regulation.
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<p>The post Regulatory Revolt in Crypto: November 2024 Updates first appeared on CoinBuzzFeed.</p>