Regulating crypto at the state and local level “can backfire,” Malekan said. Crypto is a global industry, and companies can have users all over the world. “If local compliance is too hard,” he said, “then it might be best to just avoid it.” Regulators are in a tough spot, though: The coming federal crypto bill from Sens. Cynthia Lummis and Kirsten Gillibrand envisions some level of local regulation for exchanges and other businesses. And customers, facing a rising level of scams, are clamoring for better protections. Striking a balance will be a tricky challenge.
‘Enforcement 40’ for 2020
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