The exchange market surrounding cryptocurrencies is becoming more and more prevalent in our current economy, and this has naturally drawn different regulating bodies within the US to prepare necessary guidelines. Each body views cryptocurrencies as a different form of asset such as: properties, commodities, and securities. Each department has a specific role in ensuring that crypto exchange is done in a safe and effective manner that benefits our economy in the long-run.
The US Commodity Futures Treading Commission (CFTC) is responsible for making sure that all market participants are fully guarded against any fraudulent tactics. They also regulate the crypto options that are already available within the market. They often provide the nation with advisory lists such as information surrounding currency products like Bitcoin and initial coin offerings (ICOs).
When it comes to ICO's, these are fought against by the Securities and Exchange Commission (SEC) due to them feeling as though ICO's do not have consistent strategies set into place yet. It is their job to regulate which measures are taken within cryptocurrencies. Once the cryptos are regulated through this sector, they are then enforced through the US Office of Foreign Assets Control (OFAC) so that sanctions are put into place whenever necessary.
Finally, the Financial Crimes Enforcement Network (FINCEN) investigates more heavy crimes that happen in the cryptocurrency market. These are crimes that involve money laundering or crimes that may be considered terrorizing in nature. All of these government bodies have a direct role in initiating and maintaining any exchanges that happen within the cryptocurrency investment process to ensure a smooth process. From regulation measures to safety enforcement, there is a department body for every aspect of navigating each form of cryptocurrency. When regulatory bodies act congruent with one another, our economy ends up thriving due to increased profits and enhanced security.