Regulation in the USA

The White House has presented the first-ever concept of regulating the cryptocurrency market in the USA, writes CNBC. The new proposals were developed over six months after President Joe Biden called on authorities in March to study the risks and benefits of cryptocurrencies and submit official reports.

Cryptocurrencies in the USA are viewed from various perspectives - as digital commodities, securities, means of exchange, and sometimes as an alternative form of currency. Here are some key aspects of cryptocurrency regulation in the USA:

1. Securities and Exchange Commission (SEC): The SEC regulates cryptocurrencies that are considered securities (security tokens). Initial Coin Offering (ICO) projects that offer securities in the form of tokens typically must comply with US securities laws or obtain exemptions from registration.
2. Commodity Futures Trading Commission (CFTC): The CFTC regulates cryptocurrencies that are considered commodities, such as Bitcoin and other cryptocurrencies. It oversees trading in cryptocurrency futures and protects against market manipulation.
3. Financial Crimes Enforcement Network (FinCEN): This agency is responsible for combating money laundering and terrorism financing related to cryptocurrencies. Cryptocurrency exchanges and some cryptocurrency companies must adhere to anti-money laundering (AML) and Know Your Customer (KYC) rules.
4. Office of Foreign Assets Control (OFAC): Responsible for sanctions and currency control. Some cryptocurrency transactions may be subject to restrictions due to sanctions.
5. Various state regulators: Each state in the USA may have its own additional laws and regulations regarding cryptocurrencies and blockchain.