On the air of the video tuition TV.pymnts, Boyle said that now the US cryptocurrency market is experiencing a deep transformation, and the presidential administration Donald Trump is demonstrating a friendly approach. The US Department of Justice (DOJ) and supervisory authorities depart from the aggressive practice of “regulation through coercion”, which was actively used under the previous White House administration, Boyle added.
“Earlier, DOJ actively pursued large cryptocurrencies, and regulators did not provide any clear regulatory guidelines. Now the course is changing, and the growing two -party support in the Congress of the Genius bill regulating stabilcoins promises more clarity, ”the lawyer said.
However, this is not a reason to relax and ignore the current legislative norms, the expert believes. Boyle, who has experience with the prosecutor and lawyer, emphasized that the cryptocurrency should not perceive relief as complete freedom of action. Since the global nature of cryptocurrencies implies new challenges, starting from cross-border crypto-mesh to unregulated online creampies, this requires the US authorities to maintain the balance between consumer protection and innovation support.
“Even when softening the policy of Trump’s administration, the US Ministry of Justice and other regulators, such as the securities and exchanges commission (SEC), completely retain the authority to persecute violators,” said the partner of the law firm Boies Schiller.
Companies that ignore the requirements to combat money laundering (AML) or customer identification (KYC) may encounter fines, criminal prosecution and reputation damage. And companies that do not introduce transactions monitoring systems or not ready for audit can be recognized as inappropriate regulatory rules, which will lead to prohibitions on operations or loss of licenses, warned the boil.
Earlier, the co -founder of Stabolut and Onyze Eneko Knörr said that the European Law on Crypton Ripnut regulation (Mica), originally conceived as a way of protecting the financial system of eurozone, in the new digital era can leave Europe a passive observer.
Source: Bits
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