SEC and CFTC enforcement actions skyrocketed in 2023, and this year, there is no indication of them slowing down.
The inflow of new investors into the crypto industry has been a boon for adoption but has also come at a cost.
“We’re going to probably see in the next 6 to 18 months, or 6 to 24 months, another cycle of enforcement actions because of this cycle of asset appreciation and interest by retail investors,” he said. U.S. regulators have multiple cases pending against U.S. crypto firms such as Kraken, Binance and Coinbase. Regulators continued their enforcement efforts in 2024 when, in April, the U.S. Justice DepartmentAmid ominous warnings from the CFTC chair and increased enforcement actions against crypto firms, crypto companies are bracing for regulatory actions in the next few years.
Another area of focus for law enforcement agencies seems to revolve around privacy and mixer tools. U.S. agencies have sanctioned popular crypto-mixing services such as Tornado Cash and, more recently, arrested the founders of another privacy-focused wallet services provider, Samurai.
He added that new crypto companies would be “deterred from entering the market with the added threat of CFTC enforcement without clear-cut regulations. Existing companies, meanwhile, will need to invest more resources in legal and compliance counsel, increasing costs and potentially stifling innovation.”
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