The latest congressional infrastructure bill, which includes provisions on the regulation of crypto assets, could help legitimize cryptocurrencies within the mainstream financial community, says MoffettNathanson Partner Lisa Ellis.
“What’s been holding up the crypto ETFs is that the SEC has very stringent requirements for things like liquidity, transparency, price stability,” Ellis said.
“[There are] very well-established rules when it comes to stock investing,” she said. “Those same rules apply to crypto. It’s just that it’s been sort of the ‘Wild, Wild West,’ and so consumers should be aware that if they have not already started to make sure that they’re getting the right reports from their broker, their crypto broker, and reporting it on their tax returns… they should start doing that or they’ll potentially be subject to an audit going forward.”
Although the new rules could cause a drop-off of crypto activity initially, Ellis told Yahoo Finance, “over the long term we view this as absolutely a positive.”
“More crypto clarity around crypto regulation helps legitimize and mainstream crypto investing, opening up crypto investing to a much broader array of … mainstream investors,” she added
