8 Ways Crypto Companies Can Improve Their US Financial Compliance

In the absence of clear and comprehensive regulatory guidelines in the United States, crypto companies would do well to strengthen their accounting systems.

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The United States presents many barriers to crypto businesses, with a multiplicity of federal and state regulatory agencies with actual or potential jurisdiction over the industry. Its unique political environment has contributed to more government skepticism of crypto than in other countries, and the high-profile punitive actions of the Securities and Exchange Commission are making many crypto companies nervous about maintaining a foothold in the United States.

Despite all of this, there is also high level support for crypto in the US, so many crypto companies will not want to give up or postpone entering the US market. While there may not be a single set of clear and comprehensive guidelines for crypto companies in the United States, there are some smart strategies that can help them stay on the good side of regulators. Below, eight members of the Cointelegraph Innovation Circle share tips to help crypto businesses improve their accounting procedures and compliance in the United States.

Use private blockchains

The obvious answer is to use private blockchains. The purpose of blockchain is to improve the ability to do credible accounting at scale. Authorized access maintains confidentiality while reducing the cost of providing proven raw data for accounting. This evidence, rather than the data itself, can be sent for compliance to a blockchain shared with regulators. – Stephanie So, Geeq

Keep accurate records

After the crackdown on US stablecoins, Binance, and Coinbase, I think it's clear that the current US administration and the SEC are embarking on a crypto witch hunt. Businesses based in...