Rose

2024

United

According to a recent <a href="https://www.nortonrosefulbright.com/en/knowledge/publications/184ac2f1/2024-fintech-outlook" target="_blank" rel="noopener nofollow">report</a> by the global law firm Norton Rose Fulbright, the US Securities and Exchange Commission (SEC) is set to step up its enforcement approach to the nascent crypto industry in 2024. 
The report emphasizes that the SEC will continue its “aggressive pursuit” of cases and enforcement actions related to <a href="https://bitcoinist.com/sec-vs-do-kwon-trial-begin-absence-terra-founder/" target="_blank" rel="noopener ">unregistered offerings</a>, non-fungible tokens (NFTs), and unregistered exchanges, further solidifying its regulatory crackdown in the crypto space. 
<h2 id="crypto-industry-faces-regulatory-storm">Crypto Industry Faces Regulatory Storm</h2> 
One of the primary areas of focus for the SEC involves bringing enforcement cases against digital asset platforms. The SEC argues that certain tokens sold on these platforms qualify as “securities,” aiming to subject these markets to <a href="https://bitcoinist.com/south-korean-regulator-and-sec-ignite-nfts-in-may/" target="_blank" rel="noopener ">regulatory requirements</a> about broker-dealers and exchanges.&nbsp; 
The report highlights the SEC’s determination to subject digital assets to existing securities laws, signaling a need for compliance and regulatory preparedness within the industry. The law firm notes: 
<blockquote>
 We expect to see even further ramp-up in enforcement and regulatory actions with respect to US securities laws in the crypto space in 2024.
</blockquote> 
Norton Rose Fulbright’s analysis points to implementing the Markets in Crypto-Assets Regulation (MiCA) and the revised Transfer of Funds Regulation (TFR) as key milestones. These regulations will introduce new requirements, including applying the “travel rule” for crypto assets and regulating various digital asset service providers. 
MiCA’s provisions will be phased in gradually, with asset-referenced tokens and e-money tokens falling under regulatory purview from June 30, 2024.&nbsp; 
The remaining provisions, including obligations for crypto asset service providers and the TFR’s travel rule, will take effect from December 30, 2024. However, the implementation timeline will influence transitional provisions and the exercise of options by EU member states. 
Furthermore, the report notes that the European Union aims to strengthen its anti-money laundering (AML) and counter-terrorist financing (CTF) <a href="https://bitcoinist.com/kraken-respond-to-us-sec-points-to-legal-precedent/" target="_blank" rel="noopener ">framework </a>to encompass a broader range of crypto sector participants.&nbsp; 
The upcoming Anti-Money Laundering Regulation (AMLR) will require most crypto asset service providers to conduct due diligence on transactions exceeding €1,000 and report any suspicious activity.&nbsp; 
The legislation also addresses risks associated with transactions involving self-hosted wallets and introduces enhanced due diligence measures for cross-border correspondent relationships. 
<h2 id="regulatory-shifts-in-the-uk">Regulatory Shifts In The UK</h2> 
Bitcoinists have previously <a href="https://bitcoinist.com/crypto-regulations-on-the-horizon-uk-prepares/" target="_blank" rel="noopener ">reported </a>that in the United Kingdom (UK), the government has confirmed plans to regulate crypto assets comprehensively. However, the specific details of the regulatory regime have yet to be released, with draft secondary legislation expected in 2024. 
Norton Rose Fulbright emphasizes that the Financial Conduct Authority (FCA) and the Bank of England (BoE) will play a crucial role in shaping the regulatory framework, with consultation papers on the <a href="https://bitcoinist.com/texas-crypto-firm-files-lawsuit-against-sec/" target="_blank" rel="noopener ">stablecoin </a>regime expected in the second half of 2024. 
Overall, as the digital asset landscape continues to evolve, market participants and regulators face the challenge of striking the right balance between fostering innovation and maintaining regulatory oversight in the United States and the European Union.&nbsp; 
The coming year promises significant developments that will shape the industry’s future, with a continued focus on enforcement actions and regulatory changes on both sides of the Atlantic. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/8RSEOoaI/" alt="Crypto " width="1814" height="858"> 
Featured image from Shutterstock, chart from TradingView.com

Heightened Crypto Scrutiny: SEC’s 2024 Plans For Enforcement And Regulations Revealed

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