Cryptocurrency was once unregulated by the US government. But slowly and overtime, more and more regulatory agencies have now got their dirty hands into that industry.
In the United States, several regulatory agencies oversee cryptocurrency, each with distinct roles:
• Securities and Exchange Commission (SEC): Oversees cryptocurrencies considered as securities, focusing on trading and investment activities.
• Commodity Futures Trading Commission (CFTC): Regulates digital commodities and derivatives, such as futures contracts.
• Financial Crimes Enforcement Network (FinCEN): Enforces anti-money laundering (AML) regulations for crypto exchanges under the Bank Secrecy Act.
• Internal Revenue Service (IRS): Manages taxation of cryptocurrencies as property.
• Federal Trade Commission (FTC): Addresses fraud and consumer protection issues related to cryptocurrencies