Swiss and US Authorities Intensify Crypto Security Measures as Phishing and Regulatory Divergence Rise

Authorities in the United States and Switzerland are implementing stringent measures to address growing risks in the digital asset sector. In Connecticut, Governor Ned Lamont has signed House Bill 7082 into law, prohibiting state agencies from accepting or holding cryptocurrency. The legislation, effective October 1, marks a significant policy shift against public sector crypto engagement. Concurrently, Swiss regulators have instructed Swissquote, parent company of crypto platform Yuh, to combat a surge in phishing scams targeting users through fraudulent websites.

Connecticut's new law explicitly bans state government entities from accepting virtual currency payments or establishing crypto reserves. This positions Connecticut among the first US states to enact such restrictions, contrasting sharply with federal initiatives promoting crypto adoption and states like Texas moving toward state-managed digital asset reserves.

The Swiss Financial Market Supervisory Authority (FINMA) issued its directive after identifying over 600 fraudulent websites impersonating Swissquote services in 2025 alone. These sophisticated phishing attempts primarily target Yuh users, leveraging AI-generated content to appear legitimate. While Swissquote's systems remain uncompromised, the impersonation threats have raised concerns about user security and platform integrity.

This regulatory divergence highlights the fragmented approach to cryptocurrency oversight, with security threats and policy disagreements intensifying as digital assets gain mainstream traction. Cybersecurity firm CertiK reports $2.1 billion in crypto losses from phishing and social engineering scams in 2025, underscoring the urgent need for enhanced security measures across the industry.