Crypto firms gear up for battles over new rules in Washington


As soon as this month, the Treasury Department is expected to begin clarifying which firms will need to report user information under the infrastructure bill. — AFP

The cryptocurrency industry is bracing for an onslaught of regulatory and enforcement action this year, flooding Washington with money, snapping up lobbying firms, and building up their trade associations in an effort to curb new rules.

After a decade of scant attention from regulators, crypto companies are facing increasing pressure to hire lobbyists in Washington to play defence. The Securities and Exchange Commission and the Commodity Futures Trading Commission have made it clear they’ll take more action against companies that they say are violating their rules, while others such as the Internal Revenue Service, Office of the Comptroller of the Currency and Federal Reserve have said they plan to soon issue new rules that could have a dramatic impact on the industry’s profits.

Subscribe now for a chance to win your dream holiday!

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Tech News

Amazon racing to develop AI chips cheaper, faster than Nvidia's, executives say
Leveraged Nvidia ETFs ramp up investor risk as tech turbulence hits markets
Musk to discuss $5 billion xAI investment with Tesla board
Sibanye Stillwater delays releasing results after cyberattack
Exclusive-Meta to be hit with first EU antitrust fine for linking Marketplace and Facebook, sources say
Oracle signs deal to use Italy's Rai Way data centres
Disney, Warner Bros launch streaming bundle with ad-free plan for $30/month
BofA payments app for businesses handled record $500 billion by mid-year
Grab no longer buying Trans-cab, Singapore watchdog says
AI cloud provider SMC plans global rollout, CEO says

Others Also Read