US Releases Regulatory Agenda for NFTs & Crypto
The United States authorities have released a thorough regulatory agenda to regulate non-fungible tokens (NFTs) as well as crypto assets. The latest report mentions present suggestions related to the protection of clients, businesses, and investors, as well as the maintenance of financial stability. It also recommends confronting the hazards linked to the digital-asset world.
The U.S. Authorities Issues an NFT and Crypto-Related Regulatory Agenda
On the 16th of this month, the White House of the United States released the initial-ever all-inclusive agenda to cover digital assets in a better way. The released agenda complies with the executive order that the country’s president issued in March this year. The directive was focused on the responsible security of the consumers as well as the investors from the likely risks that digital assets (along with the underlying technology thereof) pose.
The agenda persuades regulatory agencies like the Securities and Exchange Commission (SEC) as well as the Commodities Futures Trading Commission (CFTC) to be more strict and conduct a comprehensive examination of the illegitimate activities being carried out across the world of digital assets.
The Financial Literacy Education Commission (FLEC), Federal Trade Commission (FTC), and the Consumer Financial Protection Bureau (CFPB) have received a direction from the White House of the United States to oversee the complaints made by the clients while enabling them to comprehend the hazards associated with the investments related to the digital assets. The declaration has suggested coordination between Congress and the White House to modify a few federal laws.
White House Pushes Congress to Intensify the Penalties for Crypto Crimes
The U.S. White House has persuaded Congress to elevate the punishments for the money transferred without a license to the penalties dealing with the rest of the crimes like money laundering. As per the recommendation of the White House, the Department of Justice should prosecute crimes related to digital assets comprehensively. The regulations, which are proposed to protect the investors, surface during the elevation of cybercrimes across the sector of digital assets.
Recently, a research company named Elliptic disclosed that up to $100M has been swindled by cybercriminals till July this year. Some days back, a vulnerability in the social media-related accounts of The Sandbox was exploited and the followers were redirected to a link taking to a fake URL. The bad actors responsible for that exploit attempted to lend the targets’ Bored Ape non-fungible tokens.
