Title: Blockchain And The Law: Regulations Around the World | OpenLedger Insights
Headings: Blockchain And The Law: Regulations Around the World
Blockchain And The Law: Regulations Around the World
Indirect and Direct Regulations
Direct regulations: when laws governing the blockchain-related technology are officially introduced by the government.
Indirect regulations: when blockchain companies have to follow the general regulations imposed on tech companies as well as those specific to blockchain compliance.
The United States
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About The Author
Darya Yafimava

Content: The United States
The United States is rightfully considered the most advanced country in the world in terms of blockchain and cryptocurrency adoption, with many businesses accepting cryptocurrency for their day-to-day operations. This also defines why blockchain and cryptocurrency regulations are so deeply connected here. The complexity of U.S. laws lies in several governmental levels — federal and local (state) ones. While digital currency is recognized and legalized on a federal level, the laws may differ from state to state. There are several federal agencies that regulate blockchain-related businesses in the United States. While they sound different, the following three classifications are very similar to each other and, in short, allow several agencies to collaborate on regulatory and enforcement matters: The U.S. Internal Revenue Service defines cryptocurrency as assets for taxation purposes
The Commodities Futures Trading Commission (CFTC) defines cryptocurrency as a commodity
The Securities and Exchange Commission distinguishes digital currency as a security
Interestingly, while the U.S. government has spoken on the extensive regulations of the cryptocurrency industry, it’s been fairly quiet on other blockchain-related business models. There are no clear regulations that are currently present in that department. However, SEC did release several statements over the last 12 months regarding the activities of fundraising through an ICO or token sale, deeming them as securities. Federal Trade Commission (FTC) went further and created a Blockchain Working Group, which primary goal is to crack down illegal and fraudulent schemes arising in the marketplace from time to time.