Adding regulations to cryptocurrency | Government Matters

FTX, one of many prime trade firms out there filed for chapter. It got here after prospects tried to withdraw billions of {dollars} without delay, following a report concerning the firm’s monetary instability.

• • • Josephine Wolff, affiliate professor of cybersecurity coverage on the Fletcher College at Tufts College, defined that there must be extra oversight of cryptocurrency to forestall an analogous incidence to the collapse of FTX from taking place once more.
    • The president’s government order directing federal brokers to seek out methods to control digital property may reduce down use of cryptocurrency for cybercrime, Wolff mentioned.
    • Central financial institution digital foreign money would have only a few advantages, in accordance with Wolff, a few of which might be the potential for fewer charges, customers may make sooner transactions and it will be simpler to maneuver cash internationally.
    • The federal authorities has began sanctioning cryptocurrency intermediaries which can be helpful to felony actors as a option to tackle cryptocurrency crime, she mentioned.