Thursday, June 20, 2024


by Hideo Nakamura

U.S. Cryptocurrency Regulations

The United States has had a long, complicated history with cryptocurrency regulations. The country’s federal government has been slow to create comprehensive legal frameworks for the use and trading of digital assets, leaving regulation largely in the hands of individual states. This means that different jurisdictions across America may have vastly different rules when it comes to cryptocurrencies like Bitcoin and Ethereum.

In recent years, however, several bills have been introduced in Congress related to crypto legislation and regulators are slowly beginning to take notice of this emerging asset class. It is important for traders operating within or outside the U.S., especially those who plan on conducting business with American citizens, to stay up-to-date on the latest developments surrounding cryptocurrency regulation in the country so they can comply with relevant laws and avoid any potential risks associated with them.

One example is New York’s BitLicense program which was established in 2015 as an effort by state lawmakers to regulate virtual currency businesses operating within its borders; companies must apply for a license before offering services such as buying/selling or holding cryptocurrency on behalf of customers located there (this does not include mining). As of April 2021, at least 28 states have passed their own versions of cryptocurrency legislation designed specifically for digital assets while other states such as Oregon have proposed more general guidance around blockchain technology aimed at promoting innovation without stifling growth through excessive regulation (Oregon’s Digital Asset Transaction Act).

On a federal level, some progress has been made over recent years including the introduction of two Congressional bills – one proposing uniform standards across all fifty states while another seeks to provide clarity regarding how certain types of transactions involving cryptocurrencies should be taxed – but much work remains before we see anything resembling unified policy from Washington D.C.. Until then it will be left up to each state government whether they choose implement more stringent measures or opt out altogether from regulating what many consider still newfangled technology experiment that could disrupt traditional finance markets if given enough time and proper oversight .

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