Tracker: Crypto and Fintech Developments in the Biden Administration  – AAF

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In current months, there was a barrage of cryptocurrency information owing to market turbulence and piecemeal regulatory developments. The cryptocurrency market—a $1.7 trillion trade that has grown considerably within the final decade—nonetheless suffers important volatility. Furthermore, cryptocurrencies fall into a number of regulatory gaps as federal regulatory oversight of the market is severely underdeveloped. 

Crypto Tracker charts coverage developments in cryptocurrencies, stablecoins, central financial institution digital currencies, and different digital property from federal, state, and worldwide regulators.  

Exercise Breakdown  

 

Tracker  

6/13/2022 – Crypto markets undergo shock as lender Celsius Community announces it will halt withdrawals amid regulator scrutiny. 

6/10/2022 – Deputy Treasury Secretary Wally Adeyemo signifies that Treasury will crack down on cryptocurrency wallets that enable customers to purchase and promote digital property anonymously. 

6/8/2022 – New York State Division of Monetary Companies points new stablecoin guidance following Terra USD collapse. 

6/7/2022 – Senators Cynthia Lummis and Kirsten Gillibrand launch a bipartisan proposal searching for to determine an entire regulatory framework for currencies. The proposal puts the Commodity Futures Buying and selling Fee (CFTC) entrance and middle, which means that cryptocurrencies must be thought of commodities somewhat than securities—a view favorable to trade. 

6/2/2022 – New York lawmakers pass the first limited moratorium on digital forex mining at fossil gasoline vegetation. 

5/26/2022 – Home Monetary Companies Committee holds listening to on central financial institution digital currencies (CBDCs); presses Fed Vice Chair Lael Brainard to not proceed with out congressional laws. 

5/23/2022 – A Fed survey signifies that the vast majority of Individuals who maintain cryptocurrencies and different digital property are rich and banked. 

5/18/2022 – Securities and Alternate Fee (SEC) Chair Gary Gensler requires an increased budget for the SEC to fight cryptocurrency crime. 

5/17/2022 – SEC Chair Gensler requires enhanced investor protections following a market droop. 

5/11/2022 – Bitcoin loses 6 percent of its value in a significant shock to the cryptocurrency market. TerraUSD cryptocurrency collapses, wiping out $45 million in worth in just a few days. 

5/6/2022 – SEC fines laptop {hardware} maker NVIDIA $5.5 million for failing to reveal gross sales linked to cryptocurrency mining. 

5/3/2022 – SEC almost doubles the dimensions of its cryptocurrency enforcement unit. 

4/25/2022Client Monetary Safety Bureau (CFPB) pronounces it would depend on a “dormant” authority to expand its reach to nonbanks and fintechs. 

4/25/2022 – Prime European Central Financial institution (ECB) official remarks that crypto property must be taxed, particularly if they’ve a excessive carbon footprint.  

4/22/2022 – Home Democrats request Environmental Safety Company investigate crypto mining impacts. 

4/7/2022FDIC urges banks to seek the advice of earlier than offering cryptocurrency providers. 

4/7/2022 – Treasury Secretary Janet Yellen in remarks that it’s “too early to inform” if cryptocurrencies or digital asset expertise will stay as much as promise. 

4/6/2022 – Sen. Pat Toomey releases discussion draft that may create a regulatory framework for stablecoins centered on the Office of the Comptroller of the Forex (OCC). 

4/4/2022 – SEC Chair Gensler pushes for SEC and CFTC to provide joint oversight of cryptocurrency exchanges. 

3/31/2022 – SEC points new accounting guidance for cryptocurrency exchanges. 

3/9/2022 – Biden Administration releases executive order embarking on a whole-of-government, comprehensive approach to the regulation of cryptocurrencies and different digital property. 

2/22/2022 – California lawmakers comply with Wyoming and Arizona in proposing legislation to permit its residents to pay taxes in cryptocurrencies. 

2/17/2022 – A bipartisan group of Wyoming lawmakers propose legislation to make their state the primary to have a state-backed digital token. 

2/17/2022 – Division of Justice provides employees devoted to addressing ransomware and different crypto-related monetary crimes following its October announcement of a National Cryptocurrency Enforcement Team. 

2/16/2022 – Consortium of cryptocurrency exchanges and buying and selling platforms launches trade group to standardize method to cash laundering and compliance. 

2/15/2022Under Secretary of the Treasury for Home Finance Nellie Liang tells Congress that federal regulators wouldn’t have the authority to manage stablecoins with out congressional laws. 

2/15/2022 – Rep. Josh Gottheimer releases draft stablecoin bill organising a regulatory framework. 

2/14/2022 – SEC fines cryptocurrency lender BlockFi $100 million in what the company calls a primary of its variety crackdown on digital asset buying and selling. 

2/9/2022 – Senate Agricultural Committee pushes for more CFTC oversight of cryptocurrency markets; CFTC notes that its cyber defenses are poorly ready to defend in opposition to a cyberattack.  

2/8/2022 – Home Monetary Companies Committee holds hearing on stablecoins,  demonstrating that lawmakers are usually not superior in cryptocurrency or digital asset laws. 

2/3/2022 – Boston Fed releases research on the potential technological underpinnings of a CBDC, publishing open-source code. 

1/31/2022 – Wyoming and Arizona advance proposals that may enable taxpayers to make tax funds in cryptocurrencies. 

1/31/2022Facebook sells controversial cryptocurrency, first pitched as Libra and later rebranded as Diem. 

1/24/2022 – Rep. Patrick McHenry implores Home Monetary Companies Chair Rep. Maxine Waters to accelerate legislation on cryptocurrency and digital asset guidelines earlier than federal companies determine to behave. 

1/20/2022 – Home Vitality and Commerce Committee holds listening to on the climate impacts of crypto mining. 

1/20/2022 – Fed points initial paper on a U.S. digital forex and requests public suggestions in what’s seen as the primary definitive step taken by the Ate up a CBDC. 

1/12/2022 – Home Rep. Tom Emmer introduces a bill that may forestall the Fed from issuing a CBDC. 

1/11/2022– Fed Chair Jerome Powell signifies to the Senate Banking Committee that he’s open to giving crypto banks access to Fed payment rails and Fed accounts. 

1/11/2022The Worldwide Financial Fund (IMF) warns that Bitcoin and different cryptocurrencies can no longer provide a hedge against investments because of a major enhance within the correlation between digital property and conventional asset courses. 

12/17/2021FSOC urges Congress to behave on cryptocurrency regulation; factors to dangers however doesn’t present timeline, noting that if Congress doesn’t act it would achieve this itself. 

12/14/2021 – Senate Banking Committee holds hearing on risks posed by stablecoins 

12/9/2021 – Senior IMF officers stress need for global cryptocurrency regulation earlier than the market destabilizes economies. 

12/8/2021Cryptocurrency CEOs seem for the primary time earlier than Home Monetary Companies Committee, searching for clear legislative framework. 

11/23/2021 – OCC reverses Trump Administration guidance, emphasizing that banks should search permission earlier than partaking in crypto-related actions on behalf of their purchasers. 

11/4/2021 – Incoming New York Metropolis mayor Eric Adams vows to take first three paychecks in Bitcoin. 

11/2/2021In direct opposition to feedback made by the CFTC, SEC Chair Gensler notes that almost all cryptocurrencies and digital property ought to fall underneath the jurisdiction of the SEC, with solely a “actually, actually small quantity” appropriately handled as commodities. 

11/1/2021 – Treasury and different federal companies launch highly anticipated report on stablecoins, noting that stablecoin issuers must be handled as banks and calling on Congress to legislate this. 

10/27/2021 – Appearing CFTC Chair Rostin Behnam urges Congress to expand the CFTC’s authority to manage digital property. 

10/15/2021 – CFTC orders cryptocurrencies Tether and Bitfinex to pay $42.5 million in fines for deceptive statements that the currencies had been backed by the U.S. greenback. 

10/12/2021 – Former Boston Fed Chief Eric Rosengren notes that the coverage questions posed by a CBDC are much more advanced than the technical challenges; notes, nevertheless, that any U.S. CBDC is unlikely to be primarily based on blockchain. 

10/06/2021 – The Worldwide Group of Securities Commissions  releases in-depth report contemplating the systemic danger posed by stablecoins. 

10/1/2021 – IMF requires global standards to cut back the dangers posed by cryptocurrencies. 

9/30/2021 – The Financial institution for Worldwide Settlements units out framework for a CBDC that may decrease the mandatory however controllable harm to financial institution lending and profitability. 

9/21/2021 – Appearing Comptroller of the Currency Michael Hsu publicly pushes back on claims by the cryptocurrency trade that crypto can scale back monetary inequality. 

9/20/2021 – Cryptocurrency alternate Coinbase drops plans to launch product, alleging that the SEC threatened to sue to forestall the problem. 

9/16/2021Sen. Maggie Hassan calls on federal companies in letter to Attorney General Garland to enhance the policing of crypto crimes. 

9/14/2021 – SEC Chair Gensler testifies before the Senate on crypto regulation, notes that the Supreme Court docket has offered ample precedent to again the concept that some cryptocurrencies  

are securities and others are commodities. 

8/4/2021Cryptocurrency tax provisions, a really small a part of the $1 trillion infrastructure invoice, show controversial sufficient to threaten your complete invoice; an eventual modification to the unique textual content infuriates trade. 

8/3/2021 – SEC Chair Gensler notes at a conference that additional congressional laws is required to police the “Wild West” of the cryptocurrency market. 

7/19/2021 – Treasury Secretary Yellen urges federal regulators to “act quickly” to manage stablecoins. 

7/14/2021 – ECB pronounces the graduation of a 24 month digital euro experiment. 

7/13/2021 – Fed, the Federal Deposit Insurance coverage Company, and OCC request touch upon guidance setting out the appropriate parameters for bank-fintech partnerships. 

6/8/2021 Inside Income Service chief Charles Rettig requests additional authority from Congress to police cryptocurrency. 

6/3/2021 – Federal appeals court docket reverses a previous ruling that held that the OCC had exceeded its authority when it began to just accept financial institution constitution purposes from fintechs.  

5/19/2021 – Senate Banking Chair Sherrod Brown urges the OCC against granting federal charters to cryptocurrency fintechs.  

5/18/2021 – OCC Appearing Chair Hsu notes in congressional testimony the challenges dealing with federal regulators given the shortage of a unified federal technique for coping with the dangers posed by fintech developments, together with synthetic intelligence and blockchain.  

2/23/2021 – Fed Chair Powell notes {that a} digital greenback is a “very high priority” for the Fed.  

1/21/2021 – European Fee pronounces intent to introduce a digital euro inside 5 years. 



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