He emphasizes that such discussions are crucial for the US to maintain its leadership in the global economy. Companies and industry groups whose representatives have met recently with Treasury Department officials included top stablecoin issuers such as Tether, Circle and Paxos cryptocurrency exchanges. Hillman advocates for a more open dialogue between major exchanges and regulators, rather than punitive measures against the crypto industry. As a result, BUSD lost its market share to competitors USDC and USDT, but remained at its one-dollar value. The New York Department of Financial Services ordered Paxos to stop minting Binance’s stablecoin due to management issues. The SEC imposed fines on celebrities who promoted cryptocurrencies and targeted staking features on exchanges. The Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued a warning to banks about the potential risks associated with crypto-assets. In recent months, auditing firms have been under scrutiny by industry observers, analysts, and investors following the failure of the multi-billion crypto firm FTX. Securities and Exchange Commission (SEC) is beginning to audit firms that work with crypto companies as part of their mission.
US regulators have increased enforcement of cryptocurrency rules following the failure of the FTX exchange. With its intent to counteract cryptocurrency, the U.S. financial institutions to stop servicing crypto, making it difficult for investors to withdraw their money from exchanges or move it to a safe location. He argues that when such safety nets are taken away from users, it puts them at risk.įurthermore, Hillmann notes that there is a pressure campaign on U.S. Hillmann is particularly concerned about the proliferation of crypto regulations that target stablecoins and exchange tokens, cryptocurrencies whose value is pegged to an external asset such as the dollar or gold. has always been a place that has fostered great innovation, but the recent crackdown may come at a cost to investors over time. cryptocurrency laws are becoming increasingly stringent and shortsighted, which might cause serious turbulence in the crypto market or suffocate the growing industry if it persists. Recently, cryptocurrency companies have been under fire from regulators around the world. The chief strategy officer at Binance, Patrick Hillmann, warns that U.S.
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