Legislators have caught crypto fever once again.
In August, we covered Congress’ $1 trillion infrastructure bill, which includes overly broad language that forces most anyone who touches a crypto transaction to report it to the IRS. That requirement isn’t feasible for software developers, crypto miners and many other folks who have no data to report. And now, the SEC (Securities and Exchange Commission) has decided — after years of taking a hands-off approach to crypto — that it needs to create rules around crypto in order to “protect consumers.”
But why is this happening now?
If you ask us, it has nothing to do with crypto. Or investors.
It’s really an old-fashioned turf war between the CFTC (Commodity Futures Trading Commission) and the SEC.
In this episode of Crypto Insider, Vin Narayanan and Andy Gordon discuss the ongoing battle, where Ethereum fits in, how regulators are approaching decentralized finance and more.
Thanks for watching!