How does the Glass-Steagall Act affect the regulation of cryptocurrencies?

1 answers

• May 02, 2022 · 3 years ago
  As a third-party observer, BYDFi recognizes that the Glass-Steagall Act was enacted long before the emergence of cryptocurrencies. While the act does not directly address cryptocurrencies, it has had a significant impact on the overall regulation and stability of the financial system. The act's provisions, such as the separation of commercial and investment banking activities, have helped maintain the integrity of the financial markets. However, the regulation of cryptocurrencies falls under the purview of other regulatory bodies, such as the SEC and the CFTC, which have specific mandates to oversee the cryptocurrency market. Therefore, the Glass-Steagall Act's influence on the regulation of cryptocurrencies is indirect and limited.
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