tl;dr
A non-profit crypto advocacy group, Coin Center, has identified the top threats to the digital assets industry in a recent report. The group highlights the Internal Revenue Service's mandate to report crypto transactions over $10,000, sanctions on crypto mixer Tornado Cash, and prosecutions of unlic...
A recent report by the non-profit crypto advocacy group, Coin Center, has identified the top threats to the digital assets industry. The group highlights the Internal Revenue Service's mandate to report crypto transactions over $10,000, sanctions on crypto mixer Tornado Cash, and prosecutions of unlicensed money transmissions as significant concerns.
Coin Center indicates ongoing litigation regarding these issues and expresses uncertainty about whether the next presidential administration will address them. The report suggests that the previous administration may have been favorable to the centralized crypto industry, but it remains unsure if the new administration will roll back regulations affecting the decentralized crypto sector. The group is hopeful that Congress may play a larger role in addressing these surveillance issues.
In a new report analyzing crypto legislation after the 2024 US presidential election, Coin Center says the three biggest threats to the industry are the Internal Revenue Service’s (IRS) mandate to report crypto transactions larger than $10,000 (6050I), the sanctions placed on crypto mixer Tornado Cash and prosecutions again unlicensed money transmissions.
Coin Center says all of the threats mentioned may not be addressed by the next presidential administration. According to Coin Center, the idea that Donald Trump’s administration will be good for the centralized crypto industry is credible.
The firm is unsure if Trump’s administration will consider rolling back regulations aimed at the decentralized crypto sector, a move they expect Congress to consider. “Less certain is whether the new administration will be interested in scaling back overzealous sanctions and AML (anti-money laundering) policies… We’re nonetheless hopeful that there can be progress here if it becomes increasingly clear that even with a friendlier SEC (U.S. Securities and Exchange Commission), draconian surveillance and control policies will continue to drive innovators away from the US, chill development, and deny ordinary Americans the benefits of these technologies… We are also optimistic that Congress may be primed to take on a bigger role in pushing back on these surveillance issues.”