Regulation

States and the federal government are increasing their scrutiny of cryptocurrencies in an attempt to bring more transparency to a market where buyers and sellers are anonymous and regulatory oversight is light.

Cryptocurrencies such as Bitcoin, Ether, LiteCoin, and Ripple skyrocketed in value last year as investors sought to get in on what many see as the future of global currency – one that for trade and commerce knows no borders. Bitcoin generated massive hype among investors as its value surged more than 1,900% to nearly $20,000 last year, before tumbling back down below $11,000.

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Blockchain could be the answer to increasingly tough anti-money laundering (AML) statutes and enterprise fraud management (EFM) requirements looming for the financial services industry.

In a report released this week by Forrester Research, blockchain’s distributed ledger technology – because it is both secure and immutable – is ideal for meeting new government requirements and serving as a trusted repository for identification purposes.

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The Securities and Exchange Commission (SEC) is cracking down on FinTech companies issuing initial coin offerings (ICOs), and has served dozens of subpoenas and information requests.

The regulatory action is the latest in a series of warnings related to the multi-billion cryptocurrency market and the sale of digital tokens, which in some cases may violate federal laws, according to the Wall Street Journal.

The SEC declined comment on the report.

Cryptocurrencies, or digial tokens such as bitcoin, Ether and Ripple, are based on blockchain technology and have existed in a gray area that allows for cross-border transactions that are far more efficient than traditional fiat-based currencies such as dollars or euros.

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