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The US Federal Reserve begins to pursue the cryptocurrency market

Dash/USD, cryptocurrency, Stellar/USD, cryptocurrency, IOTA/USD, cryptocurrency, IOTA/Ethereum, cryptocurrency, BitcoinGold/Bitcoin, cryptocurrency, Bitcoin/USD, cryptocurrency, BitcoinGold/USD, cryptocurrency, BitcoinGold/Ethereum, cryptocurrency, Dogecoin, cryptocurrency, The US Federal Reserve begins to pursue the cryptocurrency market

The US Federal Reserve System (FRS) begins to pursue the cryptocurrency industry after the end of the preparatory stage, said Caitlin Long, founder of Avanti crypto bank.

Bitcoin fell on Tuesday to five-day lows of about $32,200 after the release of data on record inflation in the United States since 2008. Rising prices may lead to a tightening of the Fed's monetary policy, which is negative for all assets, including cryptocurrencies.

Meanwhile, the CEO of Avanti announced the "beginning of the persecution" of the cryptocurrency industry by American regulators.

According to Long, the Fed intends to complicate access to the payment system and bank accounts - related to crypto assets to companies.

"It seems that the repression has begun. I do not know how it will end, but it will not directly affect Bitcoin and other cryptocurrencies. This will affect intermediaries and access points to US dollars, " she explained.

According to Long, an important event for the industry took place on July 13 - the period of collecting public opinions on the Fed's proposed guidelines for evaluating requests for access to bank accounts and the payment system ended.

The document was submitted in early May and defines the principles on the basis of which the Fed will evaluate requests for access to its services.

Because of this document, there is a risk of a repeat of the situation in 2017, when cryptocurrency startups massively lost bank accounts, the CEO of Avanti believes. The risk of termination of servicing the industry by banks was mentioned earlier by the Coinbase exchange in the application for listing its securities.

Increased regulatory oversight can benefit the cryptocurrency industry, said billionaire and co-founder of Bitmain Jihan Wu. In his opinion, regulation "weeds out intruders" and improves the reputation of the industry in the conditions of rapid growth.

Recall that in May, the Chinese authorities banned companies from supporting cryptocurrency-related business, and then announced plans against cryptocurrency mining and bitcoin trading. In June, the world's largest crypto exchange Binance faced regulatory pressure.

No one doubts that the Chinese authorities will officially squeeze out all possible analogues of the digital yuan from their territory, and this fact is unlikely to cause serious pressure on the market. Markets are afraid that other countries will adopt Beijing's experience. Developed economies are more restrained in their manifestations, and they are probably trying to assess the consequences of such decisions.

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