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Regulation of Cryptocurrencies Increases, Business and Industry Trends Analysis

Billions of dollars in losses to fraud and hacking relating to cryptocurrencies has spawned calls for government regulation.  By August 2023, three Democratic U.S. senators had written to the Biden administration, asking it to help counteract North Korea’s activities that led to more than of $3 billion in cryptocurrency hacking, which the country is believed to be using to fund its nuclear weapons program.
Also, in October 2023, the U.S. Treasury Department designated certain cryptocurrency exchanges called “mixers” as a threat to national security.  These mixers provide investors with anonymity and ultimately serve as money laundering hubs.  The designation requires specific reporting of transactions, a significant first step in regulation.


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