At Long Last, the Regulators Are Taking Crypto Seriously

It’s been a long time coming, but the regulators are finally cracking down on the wild and wacky world of cryptocurrencies. According to the the U.S. Commodity Futures Trading Commission (CTFC), there have been 58 enforcement actions in 2020, smashing the previous yearly record of 44.

A Real-Life Game of Clue

The cryptocurrency community has been playing a real-life game of “Clue,” trying to guess who’s behind the surge in enforcement actions. Could it be the notorious Dr. Crypto Von Doom, with a blockchain Ponzi scheme in the tradeshow? Or perhaps Ms. Moneypenny and her insider trading shenanigans?

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Only the CTFC knows for sure, but here are a few of their latest targets:

  • Money Service Businesses: The CTFC has targeted various MSBs this year for not properly registering or disclosing customer data.
  • Unlawful Trading Practices: The regulator has been clamping down on activities such as wash trading, spoofing, and market manipulation.
  • Fraudulent ICOs: The CTFC has been cracking down on frauds related to initial coin offerings (ICOs).

A Watchful Eye

It’s no surprise that the CTFC has been keeping a close eye on the burgeoning cryptocurrency market, especially after the 2017 cryptocurrency bubble. It’s understandable that they would want to ensure that such a complicated market operates fairly and cleanly so that consumers are protected from fraud.

That said, there’s also a more amusing side to these enforcement actions. After all, it’s hard not to chuckle at the thought of regulators out there, searching tirelessly for the next crypto villain.

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It’s like a real-world version of the classic Scooby-Doo cartoons, complete with fancy acronyms, cowboy hats, and a bad guy in an old-timey Western getup.

Looking Ahead

It’s clear that the regulators are intent on cleaning up the crypto market and protecting consumers. While they may have shattered the record this year, it’s likely that there will be even more enforcement actions in 2021.

As always, the best way to stay on the regulator’s good side is to do your own research, know the laws and regulations, and always operate within legal boundaries. Until then, Shaggy, Velma, Daphne, Fred, and the rest will just have to wait for the cryptocurrency villains to reveal themselves.

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