The Regulation of Cryptocurrencies in the USA Simplifies at the State Level

Kataryna Habeliia September 16, 2020

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The regulation of cryptocurrencies in the USA simplifies at the state level.

The Conference of State Bank Supervisors (CSBS) on Tuesday announced a new regulatory regime for monetary services companies. This will allow the business to be tested once for compliance, instead of seeking a license in each state separately, as it is now.

Reuters reports that the new rules apply to 78 large payment and cryptocurrency firms, which total more than $ 1 trillion in transactions annually. As a result, it will be easier for such companies to enter the markets of several states at the same time.

What will change in the regulation of cryptocurrencies in the United States?

Cryptocurrency companies have previously complained that separate licensing in each state creates unnecessary difficulties for them. State regulators have been preparing the legal framework for several years. Under the new conditions, a commission from several states will be formed. It will take on the task of monitoring the activities of the respective companies.

CSBS CEO John Ryan said the new system will be as robust as ever, but more efficient. States will share the results of inspections, and each of them will have the right to conduct additional independent examination if necessary.

The new regulatory regime will operate in 48 states and will affect companies such as Coinbase, Ripple, PayPal, and Western Union. The latter noted that this will also reduce the burden on the administrations of individual states and allow them to collect a commission of the best specialists.

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