With the oncoming prevalence of cryptocurrency in the United States, government administrative groups such as the SEC, CFTC, IRS, and OCC have been focusing on how to move forward with regulation. There has been no formal rule making however the new rise in technology is something the US Federal agencies acknowledge the need to lead as an organization.
Next Steps
A few states have promoted regulating blockchain technology by exempting money earned from state securities and transmission statutes. There are huge breakthroughs in a few states such as Wyoming passing legislation to create a new type of bank. These crypto-focused banks allow businesses to hold digital assets safely and legally. Colorado has passed a bill exempting cryptocurrencies from state securities regulations. Shockingly, Ohio has started accepting taxes in crypto and Oklahoma now allows crypto to be used, offered, and sold as the monetary value in governmental agencies.
Contrarily, Iowa prohibits the state to accept payment in the form of crypto and 10 others have issued warnings about investing in the area. It is hard to tell in this early stage whether crypto is more beneficial or harmful when states like New York have eased restrictions to lure cryptocurrency companies exited the market of the state.
Citation
Global Legal Group. (n.d.). Blockchain & Cryptocurrency Laws and regulations: USA: GLI. GLI - Global Legal Insights - International legal business solutions. Retrieved January 11, 2022, from https://www.globallegalinsights.com/practice-areas/blockchain-laws-and-regulations/usa