“Political opportunism and demagoguery” are the largest drivers of the regulatory crackdown and federal banking restrictions on US-based cryptocurrency companies,” Jason Weinstein, a partner at Steptoe, said during a panel at Consensus 2023.

“Crypto is dead in America”.

Given the recent spate of regulatory crackdowns in the crypto industry, especially with regards to privacy, it would be easy to assume that Aztec Network decided to abandon its Aztec Connect private payments product due to regulatory fears. However, the company says its reasons were only “commercial” in nature.

There has been an upward trend in the number of crypto investigations conducted and publicly disclosed by U.S. federal law enforcement and regulatory agencies.

Sen. Kirsten Gillibrand (D-N.Y.) said the latest effort on a stablecoin regulatory bill is coming soon, and she hopes it can get some attention before Congress transitions into its new session next year. She’s working with Republican Senators Patrick Toomey (Pa.) and Cynthia Lummis (Wyo.) on “unique” legislation that will establish U.S. rules of the road for the tokens, she said Wednesday.