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How Compliance Will Help Implement Reasonable Crypto Regulations in the US

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by Giorgi Kostiuk

10 months ago

  1. Statements from a Famous Figure on Crypto
  2. Details on the Matter
  3. Conclusion


    4. Compliance could be key to ensuring the adoption of reasonable crypto regulations in the US. As cryptocurrency adoption gains momentum, US regulators seem to be tightening standards on crypto reporting requirements, trading rules, and more.

    Statements from a Famous Figure on Crypto

    Blake Benthall, founder of the compliance initiative Fathom(x), stated that companies specializing in crypto compliance could and should influence US regulations. Benthall, who previously founded the illegal online marketplace Silk Road 2.0, was arrested in San Francisco in 2014.

    During my time assisting the FBI, I learned that on-chain data could often be misleading due to the ease of creating wallet addresses and the difficulty in identifying transaction participants.Blake Benthall

    Details on the Matter

    Vincent D’Agostino, the former FBI agent who arrested Benthall in 2014 and later worked with him, stated that there is still regulatory confusion regarding cryptocurrency. He believes this is partly due to crypto companies not taking action on the matter.

    Companies in this sector need to force regulators to better understand the space before passing arbitrary regulations that could ultimately stifle a rapidly growing industry.Vincent D’Agostino

    Conclusion

    Compliance could ensure the adoption of reasonable crypto regulations in the US. Blake Benthall believes crypto compliance firms can influence US regulations. Vincent D’Agostino highlights regulatory confusion and the need for better understanding.

    Compliance plays a crucial role in ensuring the adoption of reasonable and effective crypto regulations, a necessary condition for sustainable growth of the crypto industry in the US.

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