So far, the jury is still out on whether crypto regulation in the U.S. will be sensible 🇺🇸 There is a lot of interest and demand for it, so 2023 should be the biggest year for crypto regulation yet. 👀
Nine reports have been released since, with one addressing the relationship between the Fed and a possible CBDC and one about regulatory gapsMost of the reports are fairly vague, indicating the administration is still mapping the crypto landscape and trying to understand what’s what. But we do have a few indicators of what the next steps will be, based on aRegulators should:
The Treasury should work with financial institutions to bolster their capacity to identify and mitigate cyber vulnerabilities and to identify, track and analyze emerging strategic risks.Develop a Digital Assets Research and Development Agenda. Establish a standing forum to convene federal agencies, industry, academics, and civil society to exchange knowledge and ideas.The White House on Reinforcing Global Financial Leadership and Competitiveness:
This is one of the more interesting sections. The report implies that the U.S. will use its power in existing institutions to push crypto where it suits national interests.Congress might amend the Bank Secrecy Act and laws against unlicensed money transmitting to apply explicitly to digital asset service providers and raise the penalties for unlicensed money transmitting.
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