#BTC120kVs125kToday The United States aims to impose control over Bitcoin and cryptocurrencies through three main groups of laws and regulations:
✅Securities Laws (SEC): The Securities and Exchange Commission (SEC) considers many cryptocurrencies, especially tokens and initial coin offerings (ICOs), as securities. This means they are subject to the same registration, disclosure, and investor protection rules that apply to traditional stocks and bonds. The SEC has taken action against many projects and platforms that did not comply with these regulations.
✅Commodity Laws (CFTC): The Commodity Futures Trading Commission (CFTC) classifies cryptocurrencies like Bitcoin and Ethereum as commodities. This gives it the authority to regulate and oversee the futures markets for these currencies to ensure their integrity and prevent price manipulation and fraud.
✅Anti-Money Laundering and Money Transfer Laws (FinCEN and IRS):
♦️Financial Crimes Enforcement Network (FinCEN): Requires cryptocurrency companies to comply with anti-money laundering (AML) laws and 'Know Your Customer' (KYC) rules. This means collecting personal information about customers, verifying their identity, and monitoring and reporting suspicious transactions.
♦️The Internal Revenue Service (IRS): Considers cryptocurrencies as property for tax purposes, meaning that gains from selling or using them are subject to capital gains tax.
In general, the United States attempts to regulate the cryptocurrency market by adapting existing legal frameworks (securities, commodities, anti-money laundering) rather than creating a unified and comprehensive legislative framework for cryptocurrencies. This approach aims to protect investors and prevent illegal activities while trying to maintain its position in leading financial innovation😇😇.
