Breaking Down the Crypto Regulatory Environment In the USA
Public Key
Cryptocurrency
FinSEN made the move to say, hey, if you're a crypto exchange, you're a money transmitter. New York Department of Financial Services come in pretty early and say, we're going to have a state bit license. The OCC had issued the potential for folks to get what they call the FinTech Charter. But that is now on appeal with the second circuit or they lost it entirely.
Breaking Down the Crypto Regulatory Environment In the USA
With the action picking up in the White House and across the regulatory landscape in the USA, in this episode of Public Key, Ian Andrews ( (Chief Marketing Officer, Chainalysis) has a deep discussion with former regulator, Alma Angotti, who is now Partner, Financial Services Global Legislative and Regulatory Risk Leader at Guidehouse.
Alma goes through her career working at the SEC, FINCEN and FINRA, and gives us her unique insights as to why regulators have to be cautious when approaching crypto and innovation. Ian and Alma have the age-old debate as to whether crypto is a commodity or a security and the impact that would have on regulatory oversight by the CFTC and SEC.
Alma even throws in a twist in the Tornado Cash saga and explains why the Department of Commerce could have taken the lead on the sanctions of technology and provides some possible outcomes to the situation.
Minute-by-minute episode breakdown
(3:05) – What is Guidehouse and Alma’s first interaction with cryptocurrency
(5:50) – Why governments have to be careful not to come in too hot with crypto regulations
(10:20) –Traditional Financial Institutions and how they are entering the crypto ecosystem
(13:30) – The role that the various USA regulators play in the oversight of digital assets
(17:25) –The burning debate of whether cryptocurrency is a commodity or a security
(24:25) –Why the Department of Commerce should taken the lead to sanction decentralized mixer, Tornado Cash
(29:35) - The balance between privacy and compliance and the role CBDCs could play in the USA financial ecosystem
- (3:05) – What is Guidehouse and Alma’s first interaction with cryptocurrency
- (5:50) – Why governments have to be careful not to come in too hot with crypto regulations
- (10:20) –Traditional Financial Institutions and how they are entering the crypto ecosystem
- (13:30) – The role that the various USA regulators play in the oversight of digital assets
- (17:25) –The burning debate of whether cryptocurrency is a commodity or a security
- (24:25) –Why the Department of Commerce should taken the lead to sanction decentralized mixer, Tornado Cash
- (29:35) - The balance between privacy and compliance and the role CBDCs could play in the USA financial ecosystem
Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.
- Blog: Breaking Down the White House Framework on Crypto
- Article: October is now the biggest month in the biggest year ever for hacking activity
- Blog: Managing Financial Crime Risk in the “Wild West”
- Blog: Crypto Criminals Can’t Hide—Investigative Blockchain Technology Sniffs Out Illicit Activity
- Blog: New NYDFS Guidance Emphasizes Need for Blockchain Analytics
- Blog: White House Sets Stage for Responsible Digital Asset Innovation
**It is noted that Guidehouse is a Partner of Chainalysis
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