Tracker: Crypto and Fintech Developments in the Biden Administration

Tracker: Crypto and Fintech Developments in the Biden Administration

Tracker: Crypto and Fintech Developments in the Biden Administration.




In the current months, there was a barrage of cryptocurrency information due to market turmoil and piecemeal regulatory developments. The cryptocurrency market – a $1.7 trillion trade that has grown significantly over the past decade – still faces significant volatility. Furthermore, cryptocurrencies fall into several regulatory gaps as federal regulatory oversight of the market is severely underdeveloped.

The cryptocurrency tracker charts policy developments in cryptocurrencies, stablecoins, central bank digital currencies and other digital assets from federal, state and international regulators.

Activity Breakdown  

tracker

6/13/2022 – Crypto markets were in shock as lender Celsius Network announced it would be halting withdrawals amid regulatory scrutiny.

6/10/2022 – Deputy Treasury Secretary Wally Ademo has indicated that the Treasury will crack down on cryptocurrency wallets that enable shoppers to buy and promote digital assets anonymously.

6/8/2022 – The New York State Department of Financial Services points to new stablecoin guidance following the collapse of the Terra USD.

6/7/2022 – Senators Cynthia Loomis and Kirsten Gillibrand launch a bipartisan proposal to explore a complete regulatory framework for currencies. The proposal puts the Commodity Futures Trading Commission (CFTC) entry and middle, meaning cryptocurrencies should be thought of as a marginally more commodity-friendly approach to trading than securities.

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

5/26/2022 – House Financial Services Committee hears Central Financial Institutions on Digital Currencies (CBDCs); The Fed puts pressure on Vice Chairman Lyle Brainard to not proceed without Congressional laws.

5/23/2022 – A Fed survey shows that the majority of Americans who hold cryptocurrencies and various digital assets are wealthy and banking.

5/18/2022 – Securities and Exchange Commission (SEC) Chairman Gary Gensler calls for an increased budget for the SEC to fight cryptocurrency crime.

5/17/2022 – SEC Chairman Gensler needs increased investor protection in the aftermath of market volatility.

5/11/2022 – Bitcoin lost 6% of its value in a severe blow to the cryptocurrency market. The TeraUSD cryptocurrency collapsed, wiping out $45 million worth in a matter of days.

5/6/2022 – The SEC fines PC {hardware} maker NVIDIA $5.5 million for failing to disclose gross sales associated with cryptocurrency mining.

5/3/2022 – The SEC practically doubles the dimensions of its Cryptocurrency Enforcement Unit.

4/25/2022 – The Consumer Financial Protection Bureau (CFPB) announced that it is going to rely on a “passive” authority to expand its reach to non-banks and fintechs.

4/25/2022 – There is an official comment from the top European Central Bank (ECB) that crypto assets should be taxed, especially if they have an excessive carbon footprint.

4/22/2022 – House Democrats request the Environmental Protection Agency to investigate crypto mining impacts.

4/7/2022 – The FDIC urges banks to seek advice from cryptocurrency providers before offering them.

4/7/2022 – Treasury Secretary Janet Yellen said in remarks that it is “too early to inform” whether cryptocurrency or digital asset expertise will live up to its promise.

4/6/2022 – Sen. Pat Tomey releases draft discussion that will create a regulatory framework for stablecoins focused on the Office of the Comptroller of the Currency (OCC).

4/4/2022 – SEC Chair Gensler insists on providing joint oversight of cryptocurrency exchanges for the SEC and CFTC.

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

3/9/2022 – The Biden Administration issues an executive order that covers a comprehensive approach to the regulation of the entire government, cryptocurrencies and various digital assets.

2/22/2022 – California lawmakers see Wyoming and Arizona proposing legislation to allow their residents to pay taxes in cryptocurrency.

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

2/17/2022 – Department of Justice provides employees devoted to addressing ransomware and different crypto-associated 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.

2/15/2022 –Under Secretary of the Treasury for Domestic Finance Nellie Liang tells Congress that federal regulators don’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– type 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 – House Financial Services Committee holds hearing on stablecoins, demonstrating that lawmakers usually are not superior in cryptocurrency or digital asset laws.

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

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

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

1/24/2022 – Rep. Patrick McHenry implores House Financial Services Chair Rep. Maxine Waters to accelerate legislation on cryptocurrency and digital asset guidelines earlier than federal businesses determine to behave.

1/20/2022 – House Energy 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 first definitive step taken by the Fed on a CBDC.

1/12/2022 – House Rep. Tom Emmer introduces a bill that will stop 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.

1/11/2022 – The International Monetary Fund (IMF) warns that Bitcoin and different cryptocurrencies can no longer provide a hedge against investments as a consequence of a big improve in the correlation between digital property and conventional asset lessons.

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

12/8/2021 – Cryptocurrency CEOs seem for the first time earlier than House Financial Services Committee, in search of clear legislative framework.

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

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

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

11/1/2021 – Treasury and different federal businesses 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 – Acting 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 complicated than the technical challenges; notes, nevertheless, that any U.S. CBDC is unlikely to be based mostly on blockchain.

10/06/2021 – The International Organization of Securities Commissions releases in-depth report contemplating the systemic threat posed by stablecoins.

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

9/30/2021 – The Bank for International Settlements units out framework for a CBDC that can reduce the obligatory however controllable injury to financial institution lending and profitability.

9/21/2021 – Acting 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 trade Coinbase drops plans to launch product, alleging that the SEC threatened to sue to stop the concern.

9/16/2021 – Sen. Maggie Hassan calls on federal businesses 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 has offered adequate precedent to again the concept that some cryptocurrencies

are securities and others are commodities.

8/4/2021 – Cryptocurrency tax provisions, a really small a part of the $1 trillion infrastructure invoice, show controversial sufficient to threaten the whole invoice; an eventual modification to the authentic 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 declares the graduation of a 24 month digital euro experiment.

7/13/2021 – Fed, the Federal Deposit Insurance Corporation, and OCC request touch upon guidance setting out the acceptable parameters for financial institution-fintech partnerships.

6/8/2021 – Internal Revenue Service chief Charles Rettig requests additional authority from Congress to police cryptocurrency.

6/3/2021 – Federal appeals courtroom 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 – Hsu, acting president of the OCC, said in a testimony to Congress that the challenges faced by federal regulators outweigh the lack of a unified federal technology to deal with threats posed by synthetic intelligence and blockchain as well as fintech development. Happened.

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

1/21/2021 – The European Commission announces its intention to introduce a digital euro within 5 years.




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