Opinion: Regulatory pressure will endure, but a Bitcoin ban is not on the cards

US authorities have begun to ‘clear’ the regulatory field around digital assets, but this does not threaten a Bitcoin ban. This was stated by Caitlin Long, CEO of the cryptocurrency startup Avanti.

1/ IT’S CLEAR a US #crypto regulatory crackdown is starting but I’m optimistic bc most of the major players/agencies have spoken already & the policy is taking shape: it’s \”pay taxes, comply w/ laws & don’t take shortcuts, & we’ll enable the innovation.\” It’s NOT a \”#bitcoin ban\”

— Caitlin Long 🔑 (@CaitlinLong_) May 20, 2021

“I am optimistic. Most agencies and players have already voiced their position. Pay taxes, don’t violate the laws, ‘don’t cut corners’ and we will give the green light to innovation.”, — Long wrote.

Caitlin Long, in the thread, highlighted a chronology of nine news items related to the Internal Revenue Service (IRS), which fall under the U.S. Treasury, including the OCC and FinCEN, as well as the Treasury Secretary and the Fed chair, during May 5–21.

The head of the startup highlighted in particular the IRS proposal to compel Bitcoin exchanges to report transactions totalling over $10,000.

She also pointed to the Fed’s interest in stablecoins, which “need an appropriate regulatory and supervisory framework.”

The overarching takeaway from the news is compliance with the rules, explained Avanti’s CEO.

“Pressure may still persist. But the picture is clear. The path to ‘responsible innovations’ is open with strict compliance with the requirements.”, Long concluded.

Regulators are considering creation of an interagency group to develop a strategy for studying the cryptocurrency industry.

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