A brief overview of current events and information on US cryptocurrency regulations

The existing administration in the United States and the functions of each department

When it comes to most American states of law, the lack of unification, of a legal system, and of a governance system results in high governance and compliance. . Physicians are required to notify multiple departments or apply for licensure when doing business, and failure to do so may result in penalties.

Department of Treasury and IRS (Department of Finance and Internal Revenue Service)Rules for the collection of cryptocurrency taxes will be developed and implemented.

Securities and Exchange Commission (SEC)Management tokens are less regulated and generally not considered safe. Whether it's a project at home or abroad, as long as an American buys tokens for the project, the SEC has a ruling on that. The main task for Americans is therefore to create their own tokens based on managed tokens, which are nothing more than usable gaps.

CFTC (Commodity Futures Committee)Although the regulator is a good friend in the cryptocurrency market, its oversight is limited to commodities (only in cryptocurrencies (commodity contracts)), and the SEC has cut short a concentration and power higher than the CFTC.

Office of Inspector General (OCC)Like the financial management company, the decision involves a wide range of fixed income coins. Both USDT and USDC have bank deposits as assets, and fixed income securities have a close relationship with banks. Currently, the main laws and regulations are not yet in place, and in the future, the OCC may publish more detailed information on how banks provide services to customers. Pursuant to related publicly announced rules, Bank of America may provide storage services to offshore stability coin traders. This will ensure the success of the crypto industry while maintaining a stable investment.

CFPC (Consumer Financial Protection Agency)Parties that provide consumer financial support (Fixed Coins and Defi only) are governed to protect consumer rights.

FinCEN (Financial Crime Enforcement Agency)It is a payment management agency primarily responsible for financial protection and financial fraud. US exchanges and employees must register for an MSB license so that FindCEN can easily set up an information channel. Exchanges and businesses are required to collect identifying information from customers, identify potential customers, and prevent consumers from engaging in financial transactions and financial assault. Going forward, FinCEN will oversee the Defi Zone. Since it is not clear who is responsible for Defi operations, FinCEN is more difficult to monitor and can guarantee in some cases.

Expectations for the future development of regulatory policy in the United States

stablecoins: Stablecoins have a major impact on the entire cryptocurrency industry and are essential for government agencies. There is skepticism in the US government's administration of security. In normal financial terms, users have to complete KYC before receiving financial assistance, but in the US financial system, the financial system is stable to break this metal and there is no KYC in the stable financial process (except redemption by the applicant), that you may have. The financial support of stability coins is not a problem, and of course also illegal. The American watchdog could increase the value of the dollar in the world by securing.

While the US government recognizes that a stablecoin could lead to economic downturns and financial turmoil, on the one hand, KYC could become even stronger in the future, including anonymous fixed income consumer spending. Another is how banks engage in the fixed income space such as Circle. Stablecoin issuers like Circle are required to hold a certain percentage of luxury assets such as government bonds or bank accounts. Of course, now the impact of coin stability is not so great.

to countA: Currently, the US government's tax measures for virtual benefits related to the Defi market are not clear enough. Going forward, regulators will focus on introducing specific tax policies. Another indicator is the tax on non-profit organizations that Yellen refers to, which applies to cryptocurrencies as well as stocks. If the law is enforced, it will have a negative impact on capital investment.

Issuance of securities:Although the announcement of coins by the plans of the crypto industry has been considered a security concern, it is still an old question. In fact, employees of several security companies in the United States have struggled to use existing security procedures to manage virtual rewards. This may cause coin advertising to fail in some commercial bases, and if you apply for security registration under the first security law, it will affect the completion of the project.

SEC Chairman Hester Peirce once planned to create a security rule to give certain crypto roles a transition period (say, three years). Once the project has reached an adequate level of decentralization, depositing coins will not necessarily be necessary to meet the required security release, which is a very efficient option. This means creating a new level of asset delivery outside of security policy. It's just the idea of ​​the SEC, but it's really effective and adheres to industry circumstances. Although this script can be used as an invoice, it will take a long time to use it in the future. Second, including parliamentarians who are aware of the distribution of this economy to support law enforcement. So far, there has been no real progress at the government level since the enactment of the security laws. Gary, the new chairman of the China Securities Regulatory Commission, specifically appealed the letter.

infrastructure costs: Infrastructure policy is one of the most important bills led by Biden, under which the broker (broker) is close to the cryptocurrency market. This can be extended to include pow miners or challenge operations like Ethereum or Bitcoin. This means more publicity responsibilities, especially when it comes to taxpayers. When a party to a defi project is identified as a broker, the user information exchanged must be reported to the government. However, this measure is not a viable practice in compliance with certification, Ethereum miner, unknown and cannot be reported to any party. Given the key details of the broker, it also requires a special explanation from the management.

Dao: DAO itself is a new type of organization, not the power of the governing body, but the power of the legislature. The general rule is that the bill must first be submitted by the legislature and then approved by Congress. Since DAOs are outside the normal process of organizations such as Least Involved, their tax filings or tax obligations are not clearly defined. Given the broad scope of the law, he did not expect the law to be enacted within the next three years. Additionally, lawmakers currently do not have a good understanding of the DAO, so it will take some time to articulate the law.