International Finance: US crackdown seeks to push crypto back to the fringes of finance

The increasingly aggressive posture, which has taken shape through public and private actions in the weeks since the collapse of crypto exchange FTX, could push the industry to the fringes of finance. It means new ventures may be smothered before they get off the ground, and banks and digital-asset companies are likely to scrap existing ones and upend business models.

Interviews with more than a dozen current and former regulators, industry executives and lobbyists paint a picture of a deepening crackdown that has the sector on its back feet. Many requested anonymity to discuss the situation candidly.Three top financial regulators kicked off the new year with a joint warning about banks’ crypto activities.

The firm said last week that it was suspending deposits and withdrawals of US dollars using bank accounts for all clients. The move was a result of Signature Bank, which had long done business with Binance, pulling back, according to a person familiar with the matter. Michael Barr, the Fed’s vice chair for supervision, urged Congress to step in over the tokens, which he calls “private money.” Fed governor Christopher Waller said last week that banks have an extra duty to meet know-your-customer and anti-money laundering requirements if they dabble in the sector. HeThe pressure has resulted in complaints from crypto that the industry is being held to a different – and unfair – standard.

SEC chair Gary Gensler and his enforcement director, Gurbir Grewal, have stepped up their focus on the platforms. Gensler contends the platforms are rife with conflicts of interest and openly offer digital tokens that are really just unregistered securities.

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