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 US GAO says lack of interagency cooperation needs to be addressed in crypto regulation

US GAO says lack of interagency cooperation needs to be addressed in crypto regulation


Published: 2023-07-24


1. Lack of Interagency Cooperation in Crypto Regulation The article highlights the lack of interagency cooperation as a significant challenge in the regulation of cryptocurrencies in the United States. The Government Accountability Office (GAO) has identified this issue and emphasizes the need for a coordinated approach among agencies involved in crypto regulation. Currently,there is a lack of clarity and consistency in regulations,resulting in confusion and potential loopholes for illicit activities. This lack of cooperation hampers the ability to effectively address concerns such as money laundering,terrorist financing,and other criminal activities that may be facilitated through cryptocurrencies. The GAO urges agencies such as the Securities and Exchange Commission (SEC),Commodity Futures Trading Commission (CFTC),and the Financial Crimes Enforcement Network (FinCEN) to collaborate more closely to develop comprehensive and cohesive regulations.

2. Challenges in Crypto Regulation The article also highlights various challenges facing regulators in the crypto space. One key issue is the pace of technological advancements,which outpaces regulatory efforts. This creates challenges in understanding and keeping up with the evolving use cases and potential risks that cryptocurrencies present. Additionally,regulatory agencies are faced with the task of balancing innovation and investor protection. As the crypto market continues to grow,regulators must ensure a level playing field while not stifling technological development and market growth. Striking this balance is crucial to foster innovation and maintain investor confidence in the industry. Further complications arise due to the global nature of cryptocurrencies. Regulating a decentralized and borderless industry poses immense challenges,as different jurisdictions have varying regulatory approaches and priorities. Effective international cooperation and coordination are vital to address the transnational nature of crypto-related activities.

3. The Importance of Addressing Crypto Regulation The article emphasizes the significance of addressing crypto regulation due to the increasing relevance of cryptocurrencies in the global economy. With the rise of digital assets,it becomes crucial to establish clear guidelines and frameworks to ensure market integrity,protect consumers,and mitigate risks. Untangling the complexities surrounding crypto regulation will help legitimize the industry and attract institutional investors. Clear regulations will provide certainty to market participants,reduce regulatory arbitrage,and foster healthy competition. It will also enable innovative companies working in the crypto space to thrive,ultimately benefiting the broader economy. Given the potential financial and technological implications of cryptocurrencies,addressing the lack of interagency cooperation and other challenges in regulatory processes is essential. Through active collaboration and comprehensive regulations,regulators can better protect investors and promote responsible growth in the crypto industry.


Reference: cointelegraph.com

The most traded coin


(Update every 1 hour)
at from is ($US) turnover ($)
1 ARS title=ARS 1,101.30 1,000,746,922.20
2 BTC title=BTC 67,294.28 900,902,144.15
3 ETH title=ETH 3,112.74 466,080,318.64
4 SOL title=SOL 173.20 413,126,444.48
5 WIF title=WIF 2.57 246,547,920.83
6 PEPE title=PEPE <0.01 221,407,874.05
7 BONK title=BONK <0.01 149,967,168.09
8 DOGE title=DOGE 0.15 99,468,600.29
9 FTM title=FTM 0.88 89,877,014.22
10 BOME title=BOME 0.01 81,662,274.49
11 ENA title=ENA 0.73 75,199,512.15
12 LINK title=LINK 16.62 60,746,258.49
13 RNDR title=RNDR 10.56 56,538,892.30
14 FLOKI title=FLOKI <0.01 52,463,518.25
15 PEOPLE title=PEOPLE 0.05 47,208,527.66
16 RSR title=RSR <0.01 47,044,517.53
17 NEAR title=NEAR 7.88 46,197,795.61
18 RUNE title=RUNE 6.70 44,609,137.44
19 ORDI title=ORDI 40.79 44,540,696.82
20 XRP title=XRP 0.52 44,457,021.67
21 AVAX title=AVAX 36.68 38,191,701.49
22 1000SATS title=1000SATS <0.01 37,461,233.84
23 ICP title=ICP 13.10 37,278,499.27
24 BCH title=BCH 490.30 36,443,219.65
25 WLD title=WLD 4.90 35,734,323.39
26 JUP title=JUP 1.23 29,708,621.55
27 UNI title=UNI 7.81 28,103,521.59
28 JTO title=JTO 4.43 26,740,122.00
29 BLZ title=BLZ 0.31 26,518,407.32

Coins with rapidly rising prices


(Update every 1 minute)
at from is ($US) more (%)
1 Bonk title=BONK <0.01 +11.47
2 Phala title=PHA 0.20 +10.26
3 Marlin title=POND 0.02 +9.92
4 Unifi Protocol DAO title=UNFI 4.10 +8.01
5 Render title=RNDR 10.56 +4.43
6 Manchester City Fan Token title=CITY 3.52 +4.30
7 Akropolis title=AKRO <0.01 +4.18
8 eCash title=XEC <0.01 +3.65
9 BinaryX title=BNX 1.08 +3.24
10 AC Milan Fan Token title=ACM 2.36 +3.06
11 Fantom title=FTM 0.88 +2.67
12 Chainlink title=LINK 16.62 +2.16
13 Kusama title=KSM 30.53 +2.14
14 Conflux title=CFX 0.23 +1.94
15 Ellipsis X title=EPX <0.01 +1.91
16 Reserve Rights title=RSR <0.01 +1.90
17 JasmyCoin title=JASMY 0.02 +1.76
18 Alchemy Pay title=ACH 0.03 +1.63
19 Mobox title=MBOX 0.34 +1.57
20 Polkastarter title=POLS 0.75 +1.44
21 BEAMX title=BEAMX 0.03 +1.40
22 BENQI title=QI 0.02 +1.35
23 AS Roma Fan Token title=ASR 3.74 +1.30
24 WOO title=WOO 0.31 +1.19
25 Lazio Fan Token title=LAZIO 2.83 +1.15
26 Uniswap title=UNI 7.81 +1.06
27 Juventus Fan Token title=JUV 2.53 +0.96
28 Wrapped NXM title=WNXM 67.77 +0.94
29 Tranchess title=CHESS 0.19 +0.85
30 Viction title=VIC 0.43 +0.85

The price of coins is falling rapidly.


(Update every 1 minute)
at from is ($US) reduce (%)
1 Bluzelle title=BLZ 0.31 -15.41
2 ForTube title=FOR 0.02 -12.29
3 Tensor title=TNSR 0.87 -10.00
4 dogwifhat title=WIF 2.57 -9.01
5 Enzyme title=MLN 20.36 -8.62
6 Pyth Network title=PYTH 0.42 -8.16
7 ConstitutionDAO title=PEOPLE 0.05 -8.02
8 FUNToken title=FUN <0.01 -7.35
9 Quickswap [OLD] title=QUICK 0.05 -7.23
10 Ethena title=ENA 0.73 -6.97
11 Pepe title=PEPE <0.01 -6.36
12 Verge title=XVG <0.01 -6.18
13 Lisk title=LSK 1.87 -5.95
14 Prom title=PROM 9.77 -5.90
15 Game title=GTC 1.18 -5.83
16 Jito title=JTO 4.43 -5.61
17 1000SATS (Ordinals) title=1000SATS <0.01 -5.59
18 BOOK OF MEME title=BOME 0.01 -5.53
19 Manta Network title=MANTA 1.56 -5.52
20 Loom Network (NEW) title=LOOM 0.09 -5.51
21 Ether.fi title=ETHFI 3.35 -5.36
22 Saga title=SAGA 2.17 -5.35
23 Chromia title=CHR 0.34 -5.19
24 Reef title=REEF <0.01 -5.14
25 WazirX title=WRX 0.21 -4.95
26 Voyager title=VGX 0.08 -4.83
27 TerraClassicUSD title=USTC 0.02 -4.53
28 Stacks title=STX 2.03 -4.53
29 Axelar title=AXL 1.00 -4.44
30 Hifi Finance title=HIFI 0.80 -4.37

Bitcoin's Greed and Fear Index.

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72
Greed

Global CryptoCurrency News

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1 Microsoft faces multi billion dollar fine in EU over Bing AI 2024-05-19
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3 Crypto personality pleads guilty to fraud after promising 60 fictitious returns 2024-05-18
4 Aussie admits to promoting BitConnect crypto services without a license 2024-05-18
5 If SEC approves spot Ether ETFs many will be caught severely offside 2024-05-18
6 Genesis Global secures court approval for 3B payout 2024-05-18
7 US authorities bust 73M crypto scam make two arrests 2024-05-18
8 AI safety researchers leave OpenAI over prioritization concerns 2024-05-18
9 What is the Ethereum ETH burn address 2024-05-18
10 LayerZero identifies over 800K addresses in sybil self reporting phase 2024-05-18
11 Godfather of AI advises UK government to start UBI 2024-05-18
12 US Treasury strategy would tighten virtual asset regulations increase AI use 2024-05-18
13 Tornado Cash founder sent to prison DeFis EU struggles Finance Redefined 2024-05-18
14 Ethereum price rallies above 31K after unexpected regulatory victory 2024-05-18
15 Blockchain gaming investments reached nearly 1B in April 2024-05-18
16 Crypto Biz Galaxy CoinShares Q1 results ETFs on the blockchain and more 2024-05-18
17 Alex Labs freezes 39M of exploited funds sent to CEXs after hack 2024-05-18
18 Ghana Singapore conduct trade in semi fungible token pilot project 2024-05-18
19 Changpeng Zhao teases writing project ahead of reporting to prison 2024-05-18
20 Crypto personality pleads guilty to fraud after promising 60 039fictitious039 returns 2024-05-18
21 Biden may rethink SAB 121 vote veto due to political support for crypto 2024-05-18
22 Over 80 of recent Binance token listings are bleeding red 2024-05-17
23 Binance exec denied bail in Nigeria money laundering trial 2024-05-17
24 Sony warns 700 AI devs music streaming companies against content misuse 2024-05-17
25 How to trade crypto in the UK using Revolut X 2024-05-17
26 Binance backed Magic Square IDO platform to democratize retail investor access 2024-05-17
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29 Dolce amp Gabbana face class action lawsuit after NFT delivery kerfuffle 2024-05-17
30 Crypto firms rally behind FIT21 bill approaching US House floor vote 2024-05-17
31 Harvard built hacker proof quantum network in Boston using existing fiber cable 2024-05-17
32 French regulator warns investors Bybit provided services illegally 2024-05-17
33 Bitwise CIO says BTC ETFs are huge success and 13F filings make him incredibly bullish 2024-05-17
34 Big miners pose a growing existential threat to Bitcoin 2024-05-17
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38 Bybits Notcoin listing debacle China firms profits up 1100 after crypto buy Asia Express 2024-05-17
39 Memecoin launcher pumpfun claims ex employee behind 19M exploit 2024-05-17
40 DTCC Chainlink complete fund data tokenization pilot with US banks 2024-05-17
41 Altcoins a relatively huge risk as days of big returns are gone say analysts 2024-05-17
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49 Crypto VCs are back in action amid market rally 2024-05-16
50 Ex Alameda Research co CEO calls for fair sentencing of Ryan Salame 2024-05-16

US news that has a significant impact on the market

at news day date time
1 Fed Chair Powell Speaks Sunday 19-05-2024 20:30
2 FOMC Member Bostic Speaks Monday 20-05-2024 12:30
3 FOMC Member Bostic Speaks Monday 20-05-2024 13:45
4 FOMC Member Waller Speaks Monday 20-05-2024 14:00
5 FOMC Member Barr Speaks Monday 20-05-2024 14:00
6 FOMC Member Jefferson Speaks Monday 20-05-2024 15:30
7 FOMC Member Mester Speaks Monday 20-05-2024 19:00
8 Treasury Sec Yellen Speaks Tuesday 21-05-2024 09:00
9 FOMC Member Waller Speaks Tuesday 21-05-2024 14:00
10 FOMC Member Barkin Speaks Tuesday 21-05-2024 14:00
11 FOMC Member Williams Speaks Tuesday 21-05-2024 14:05
12 FOMC Member Bostic Speaks Tuesday 21-05-2024 14:10
13 FOMC Member Barr Speaks Tuesday 21-05-2024 16:45
14 FOMC Member Mester Speaks Wednesday 22-05-2024 00:00
15 Existing Home Sales Wednesday 22-05-2024 15:00
16 Crude Oil Inventories Wednesday 22-05-2024 15:30
17 FOMC Meeting Minutes Wednesday 22-05-2024 19:00
18 Unemployment Claims Thursday 23-05-2024 13:30
19 Flash Manufacturing PMI Thursday 23-05-2024 14:45
20 Flash Services PMI Thursday 23-05-2024 14:45
21 New Home Sales Thursday 23-05-2024 15:00
22 Natural Gas Storage Thursday 23-05-2024 15:30
23 FOMC Member Bostic Speaks Thursday 23-05-2024 20:00
24 Core Durable Goods Orders m/m Friday 24-05-2024 13:30
25 Durable Goods Orders m/m Friday 24-05-2024 13:30
26 FOMC Member Waller Speaks Friday 24-05-2024 14:35
27 Revised UoM Consumer Sentiment Friday 24-05-2024 15:00
28 Revised UoM Inflation Expectations Friday 24-05-2024 15:00

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