What should a crypto firm do to ensure compliance?

With that in mind, a comprehensive approach to cryptocurrency compliance should include: Rigorous onboarding: Crypto firms should learn as much as possible about new customers, emphasizing the Know Your Customer (KYC) process and proper identity verification.

How will US regulators respond to the crypto industry?

Because the crypto asset space changes rapidly and the functions are continuously shifting and expanding, the institutions participating in crypto activities and associated US regulators ultimately will likely need to create entirely new structures to respond to the industry. 4. Classifying investors

Will the White House impose an executive order on cryptocurrency?

The White House is also considering broad oversight of the cryptocurrency market to combat ransomware and other cybercrimes. This push includes a planned international security gathering on the issue, and reportedly may result in an executive order. Lawmakers on Capitol Hill have also called for coordination of regulations.

What are CFTC enforcement actions against the cryptocurrency industry?

Significant CFTC enforcement actions against the cryptocurrency industry include the August 2021 consent order requiring five companies charged with operating the BitMEX cryptocurrency derivatives trading platform to pay $100 million.