Cryptocurrency: Beyond Bitcoin Teach-Out
The Impact of Cryptocurrency / Lesson 3 of 5
U.S. Regulation of Cryptocurrency
12 minutes
In this video, Hailey Lennon, Partner at Anderson Kill, addresses the misconception that cryptocurrency is unregulated in the United States.
There are seven federal agencies who regulate cryptocurrency according to how they classify it:
- Financial Crimes Enforcement Network (FinCEN) - Crypto as money
- Office of Foreign Assets Control (OFAC) - Crypto as an asset
- Internal Revenue Service (IRS) - Crypto as property
- Securities and Exchange Commission (SEC) - Crypto as a security
- Commodity Futures Trading Commission (CFTC) - Crypto as a commodity
- Federal Trade Commission (FTC) - Crypto as a risk to consumers