With the growth of the cryptocurrency market, the discussion about regulations flares up again. In the United States in particular, more and more market participants are concerned that stricter regulations are imminent.
The Financial Action Task Force (FATF) and the US Treasury Department want to have more scrutiny of the crypto market over allegations of money laundering and other illegal transactions.
Although there are no figures to substantiate this, the crypto market is unable to shake off this reputation among the general public. In the US, more and more crypto lobby groups are forming that are rapidly increasing in numbers and receiving largest investments to help improve the image.
“We in the industry think it is hugely problematic. It misses the whole point of this innovation. ”
Said Kristin Smith, director of The Blockchain Association. Coin Center is raising money to get ready for a long lobbying battle or lawsuit over the proposed rules. Director Jeremy Brito says:
"Our job is to say that there is definitely a real risk here, and that we should all work together, but don’t throw the baby out with the bath water."
David Solomon, CEO of Goldman Sachs, predicts a “major evolution” is underway regarding how the US will regulate bitcoin (BTC) and crypto. The investment bank is only allowed to offer bitcoin to customers through securities and exchange-traded funds (ETFs), but wants to meet the growing demand for crypto among customers.
“I think there will be a major evolution. We work by the rules that exist, I am not going to speculate where the rules for financial institutions will go, but we will continue to find ways to serve our customers. ”
Recently, Jay Clayton, former chairman of the Securities and Exchange Commission (SEC) said that tougher regulations may be coming soon. Yesterday, Mohamed El-Erian, Allianz’s CEA, stated that "bitcoin is not too big to fail."