Crypto-Tuesday February 14, 2023 – The crypto world has been rocked by several major regulatory actions. New York regulators shut down new issuance of the world’s third-largest stablecoin, BUSD, while the SEC fined the parent of another big crypto exchange and forced it to stop offering a popular type of crypto-yield product to U.S. investors.
Banking regulators are also quietly pushing for more oversight into crypto exchanges and other digital currency businesses. These moves could have a profound impact on the future of cryptocurrency.
For those already involved in cryptocurrency, it means greater scrutiny from government agencies and more stringent regulations that must be followed.
Being aware of these changes can help you identify potential areas of growth in the industry that might have otherwise gone unnoticed. For example, if one crypto exchange is no longer allowed to offer certain products or services due to regulatory pressure, another company may be able to step in and fill that void—allowing some to capitalize on an untapped market opportunity.
The recent flurry of regulatory activity shows that cryptocurrency regulation is here to stay. That’s why it’s essential for business owners to stay up-to-date on these developments in this space so they can make informed decisions when it comes to their own operations and investments in cryptocurrencies.
Attorney Steven A. Leahy summarizes the latest Cryptocurrency news on Today’s Tax Talk.