Where U.

S regulator stand on cryptography

In the U.S there is a huge oversight of financial cryptography by the regulator. The major

regulators include SEC, Fincen, the Federal Reserve, the CFTC and the IRS. The securities and

exchange common (SEC) have the responsibility of overseeing cryto assets that are considered to

be security. Various agencies have tried to get security approval for various securities but have

been rejected. The commodity futures commission (CFTC) have a responsibility over crypto

asset derivatives and commodities. Various crypto assets derivatives and companies have

approved by the agency. However, the Federal Reserve have indicate that it was not pursed

actively digital currency. For the Federal Reserve digital currency raise significant inquires that

needed to be resolved carefully.

The financial crimes enforcement network (Ficncen) indicate that AML laws have an

application to people obtaining, exchanging, creating, distributing, transmitting and accepting

virtual currencies. It means that people who deal with virtual currencies are subject to money

service business reporting, registration and keeping records. The Internal revenue service have

indicated that handling of virtual currencies have a tax impact can lead to tax liability. In general

the U.S regulator aim at regulation crypto assets. Regulation of those assets will have a huge

impact on the long run growth of the U.S economy.