The US Takes Regulatory Steps For Further Blockchain Adoption

The US Takes more regulatory steps for further blockchain adoption mainly because of their concerns about the rise in the correlation between illegal activities and cryptocurrency use which have been growing. There is currently a global race to launch stablecoins that can be used by more of the half of the world’s population so let’s find out more about it in the latest US crypto regulation news.

In the meantime, Facebook is dedicated to launching the Libra stablecoin that will be compliant with all regulations globally and will be used by more than 2.5 million Facebook users. Russia also wants to launch the first multinational stablecoin initiative along with the Eurasian Economic Union which is expected to be utilized by 41 percent of the world’s population. Tether also launched an offshore yuan-pegged stablecoin that can be transmitted person to person via blockchain.

In between these developments, the US takes a step further into bringing new federal laws and Anti-Money Laundering measured that already used by the traditional financial institutions which are forcing sophisticated organized syndicates. To avoid further scrutiny from law enforcement, these groups are using non-traditional methods by moving crypto funds peer to peer via mobile devices, exchanges, and darknet markets. The US law enforcement and regulatory agencies try to tackle these concerns by increasing law enforcement efforts and establishing a crypto intelligence program that will propose new regulations and tax reporting duties to create a way for the further adoption of blockchain technology.

The Department of Justice already charged two Chinese nationals for laundering more than $100 million worth of crypto as per the recent US crypto regulation news, and their ruling came as a result of a multijurisdictional investigation that was taken between the Internal Revenue Service, Criminal Investigation Division, Homeland Security, FBI, and the Korean National Police.

The darknet marketplaces also require payments to be made in crypto or stablecoins and privacy coins to add more anonymity to the transactions. Laundering money through crypto and stablecoins leaves a huge trail on the blockchain so criminals have been caught because of it sometimes years after they did the crime but still. To avoid detection, the crypto criminals use privacy coins such as Monero, and Zcash because they provide anonymity without the tumbling services because of its privacy-centric blockchain design.