Alta Finance updates requirements due to lack of clarity in US

February 09, 2022 / Community

We respect the efforts of the SEC, IRS, CFTC and other US regulators to bring clear and appropriate guidance regarding crypto currency. While we understand that the US regulators are each moving forward with their individual mandates, we have concerns that the attempts to enforce a framework of policies and laws that are nearly 100 years old is missing the mark.

The crypto innovations to date will continue to re-wire the way the finance companies conduct business, governance is conducted, and also increase transparency, thus providing improved mechanisms to protect investors. In the US, we should be embracing these changes, even applauding them. Delegitimizing businesses that want to innovate and progress is not the path forward.

We have spent countless hours with legal advice attempting to fit the proverbial square peg of crypto innovation through the round hole of US laws so we can service US customers. It does not work. We want to be compliant while simultaneously innovating in this space.

Until there is a clear framework and mechanism for moving forward with US customers, we have made the difficult decision to block access to US residents or anyone residing in the US for our Earn lending protocol.

We will continue to push forward our innovative Earn saving products globally, the Alta Finance ALTA Token for US and global citizens, and future products on our intended mission.

Jeremy Crane
Founder & CEO