Cryptocurrency’s market cap reached $2.7 trillion this month—more than doubling in less than a year. In September, El Salvador adopted Bitcoin as legal tender in an effort to increase financial inclusion, innovation, and tourism. And this month, New York City’s next mayor, Eric Adams, pledged to convert his first three mayoral paychecks to Bitcoin, and he wants all New Yorkers to have the option to do the same. As part of his effort to position the city as a cryptocurrency leader, Adams has promised to take a “look at what’s preventing the growth of Bitcoin and cryptocurrency in our city.”

Cryptocurrency’s widespread adoption is limited—in part—by an uncertain, still developing regulatory framework surrounding it. A growing number of state and federal regulatory and law enforcement agencies are taking an active role in regulating cryptocurrency, and perhaps even operating at cross-purposes. In particular, in the face of jurisdictional gaps at the federal level, state banking regulators historically played a significant role in regulating crypto. But, more recently, state attorneys general are taking a more active role in the cryptocurrency regulatory and enforcement landscape.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]