81% of adults in the U.S. agree that there is a need for clearer crypto industry regulations

Ahead of U.S. midterm elections, a recent Grayscale national survey points to the bipartisan consensus that crypto is the future of finance

Recap of incoming and ongoing regulation in the NFT Market

  • In January 2021, congress passed the anti-money laundering act of 2020 as part of the national defense authorization act, with the biggest changes to the BSA in two decades.​²
  • In March 2021, the financial action task force issued a draft for updated virtual asset guidance, which could have implications for NFTs.³
  • Buyers of the $600k Nyan cat NFT and other notable NFTs are only known by their wallet addresses. This could have serious implications.⁴
  • The AML act extends the scope of the BSA to crypto exchanges, maintaining that virtual currency businesses are money services businesses, and therefore, subject to BSA requirements.⁵
  • In March 2022, the SEC reportedly sent subpoenas to NFT marketplaces for potential regulatory violations.​⁶
  • In August 2022, the SEC issued investigative subpoenas and requests for information surrounding Coinbase’s listing process, staking programs, and yield-bearing products.⁷

How Upstream navigates regulatory uncertainty

As a fully regulated digital stock exchange, Upstream’s NFT market inherently meets U.S.-securities and bank-secrecy regulations as standard practice. We’ve integrated KYC/AML compliance checks seamlessly into the app to keep our community protected.

Sources

1 Global News Wire | 2 Thomson Reuters | 3 Coin Desk | 4 The New York Times | 5 FDIC | 6 Cointelegraph | 7 Blockworks |

Disclaimers

*This blog shall not constitute an offer to sell securities or the solicitation of an offer to buy securities in any jurisdiction where such offer or solicitation is not permitted.

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Upstream

A MERJ Exchange Market. Ethereum-powered exchange for digital securities and NFTs