As the cryptocurrency universe expands, with innovative offerings and thousands of new users each week, the U.S. regulatory response has been slow and uneven.
In certain areas, U.S. regulators have successfully applied traditional models. The Securities and Exchange Commission treats those who issue new speculative cryptocurrencies like issuers of securities. The Treasury Department’s anti-money-laundering office, the Financial Crimes Enforcement Network, regulates firms that transfer or exchange cryptocurrencies as money-service businesses—like Western Union —with the accompanying responsibility of knowing their customers and monitoring for suspicious activity.
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