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The Limits of Cryptocurrency Regulation in the United States

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According to reports, Jake Chervinsky, the policy director of the American non-profit organization Blockchain Association, said on social media on Tuesday that…

The Limits of Cryptocurrency Regulation in the United States

According to reports, Jake Chervinsky, the policy director of the American non-profit organization Blockchain Association, said on social media on Tuesday that neither the Securities and Exchange Commission nor the Commodity Futures Trading Commission has the authority to comprehensively regulate cryptocurrencies. Chervinsky said that 2022 was the worst year in the history of cryptocurrency, because the collapse of FTX.com, a cryptocurrency exchange headquartered in the Bahamas, had caused great damage to the reputation of the industry and led skeptics to rush to supervise. The ideological differences between Republicans and Democrats in the House of Representatives delayed the debate on the regulation of digital assets, which led agencies to expand their powers beyond recognition in order to complete their work without Congress, whether or not permitted by law.

Policy director of the Blockchain Association: neither the SEC nor the CFTC has the right to comprehensively supervise cryptocurrency

Analysis based on this information:


The cryptocurrency market has experienced a turbulent year, with the collapse of FTX.com, a cryptocurrency exchange headquartered in the Bahamas, causing great damage to the industry’s reputation. According to Jake Chervinsky, the policy director of the American non-profit organization Blockchain Association, 2022 has been the worst year in the history of cryptocurrency. This event has led to greater scrutiny of the industry by skeptics, who are advocating for more comprehensive regulations.

However, Chervinsky argues that neither the Securities and Exchange Commission nor the Commodity Futures Trading Commission has the authority to regulate cryptocurrencies comprehensively. He seems to imply that the agencies have been given too much power, beyond what is legally permitted, in order to complete their work without Congress. This has been exacerbated by the ideological differences between Republicans and Democrats in the House of Representatives, which have delayed the debate on the regulation of digital assets.

The issue of cryptocurrency regulation has been a contentious topic in the United States for years. While some advocate for stricter regulations to protect investors and prevent fraud, others argue that heavy-handed regulations could stifle innovation and hamper growth in the industry. However, critics of the current regulatory framework argue that it is insufficient to address the complex issues associated with cryptocurrencies, such as money laundering and market manipulation.

In this context, Jake Chervinsky’s assertion that neither the Securities and Exchange Commission nor the Commodity Futures Trading Commission has the authority to comprehensively regulate cryptocurrencies raises important questions about the existing regulatory framework. Chervinsky’s comments suggest that the agencies may be overstepping their bounds in their efforts to regulate the market. This raises the issue of the need for legislation that clearly defines the scope of regulatory authority over cryptocurrencies.

In conclusion, the cryptocurrency market in the United States faces significant regulatory challenges, as stakeholders grapple with how best to balance the need for investor protection with the desire for innovation and growth. Jake Chervinsky’s remarks highlight the limitations of the current regulatory framework and the need for clearer legislative guidance to ensure that regulators operate within their legal authority.

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