Tracker: Crypto and Fintech Developments in the Biden Administration 

In latest months, there was a barrage of cryptocurrency information owing to market turbulence and piecemeal regulatory developments. The cryptocurrency market—a $1.7 trillion business that has grown considerably in the final decade—nonetheless suffers vital volatility. Moreover, 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 belongings from federal, state, and worldwide regulators.  

Activity Breakdown  



6/13/2022 – Crypto markets endure shock as lender Celsius Network 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 permit customers to purchase and promote digital belongings anonymously. 

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

6/7/2022 – Senators Cynthia Lummis and Kirsten Gillibrand launch a bipartisan proposal looking for to determine an entire regulatory framework for currencies. The proposal places the Commodity Futures Trading Commission (CFTC) entrance and middle, which means that cryptocurrencies needs to be thought of commodities relatively than securities—a view favorable to business. 

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

5/26/2022 – House Financial Services 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 majority of Americans who maintain cryptocurrencies and different digital belongings are rich and banked. 

5/18/2022 – Securities and Exchange Commission (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 a number of days. 

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

5/3/2022 – SEC practically doubles the measurement of its cryptocurrency enforcement unit. 

4/25/2022Consumer Financial Protection Bureau (CFPB) broadcasts it can depend on a “dormant” authority to develop its attain to nonbanks and fintechs. 

4/25/2022 – Top European Central Bank (ECB) official remarks that crypto belongings needs to be taxed, particularly if they’ve a excessive carbon footprint.  

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

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

4/7/2022 – Treasury Secretary Janet Yellen in remarks that it’s “too early to inform” if cryptocurrencies or digital asset know-how will reside 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 Currency (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, complete strategy to the regulation of cryptocurrencies and different digital belongings. 

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 first to have a state-backed digital token. 

2/17/2022 – Department of Justice provides workers 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 strategy to cash laundering and compliance. 

2/15/2022Under 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 sort 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 aren’t superior in cryptocurrency or digital asset laws. 

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

1/31/2022 – Wyoming and Arizona advance proposals that may permit 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 House Financial Services Chair Rep. Maxine Waters to accelerate legislation on cryptocurrency and digital asset guidelines earlier than federal businesses resolve 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 may 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. 

1/11/2022The International Monetary Fund (IMF) warns that Bitcoin and different cryptocurrencies can no longer provide a hedge against investments resulting from a big enhance in the correlation between digital belongings and conventional asset lessons. 

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 can 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 first time earlier than House Financial Services Committee, looking for clear legislative framework. 

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

11/4/2021 – Incoming New York City 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 belongings ought to fall beneath 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 needs to 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 belongings. 

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 way more complicated than the technical challenges; notes, nevertheless, that any U.S. CBDC is unlikely to be primarily based 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 cut back the dangers posed by cryptocurrencies. 

9/30/2021 – The Bank for International Settlements units out framework for a CBDC that can decrease 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 business that crypto can cut back monetary inequality. 

9/20/2021 – Cryptocurrency trade Coinbase drops plans to launch product, alleging that the SEC threatened to sue to stop the subject. 

9/16/2021Sen. 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 supplied adequate 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 the total invoice; an eventual modification to the authentic textual content infuriates business. 

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 broadcasts 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 bank-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 simply 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 Acting Chair Hsu notes in congressional testimony the challenges dealing with federal regulators given the lack 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 Commission broadcasts intent to introduce a digital euro inside 5 years.

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