After over a decade of operating relatively regulation-free, the cryptocurrency industry faces an escalating amount of regulation in the U.S., both at the federal and state level. Increasing regulation means more employees will come forward with allegations about fraud and other legal violations.
Corporate whistleblower laws will likely provide protection from retaliation for these employees. Those insiders who blow the whistle to regulators on illegal activity may be eligible for substantial monetary awards if regulators take action based on the information provided.
Over the past year, U.S. lawmakers and regulators have become increasingly vocal about what they believe to be illegal activity within the cryptocurrency industry.
Most recently, on Feb. 8, a husband and wife were arrested for allegedly attempting to launder $4.5 billion in stolen cryptocurrency.
In 2021, the Financial Crimes Enforcement Network (FinCEN) has enforced anti-money laundering and “know your customer” (AML/KYC) regulations to prevent the illicit use of cryptocurrencies.
The Securities and Exchange Commission has...
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