19.5 C
Ottawa
Monday, July 4, 2022
HomeRegulationTracker: Crypto and Fintech Developments in the Biden Administration 

Tracker: Crypto and Fintech Developments in the Biden Administration 

Cryptocurrency news has been flooding in recent months due to market turmoil and fragmented regulatory developments. The cryptocurrency market, the $ 1.7 trillion industry that has grown significantly over the last decade, is still suffering from major volatility. In addition, cryptocurrencies fall into several regulatory gaps due to the significantly underdeveloped federal regulatory oversight of the market.

Crypto Tracker shows the development of policies in cryptocurrencies, stablecoins, central bank digital currencies, and other digital assets from federal, state, and international regulators.

Breakdown of activities

Tracker

June 13, 2022 – As a lender Celsius Network, the crypto market is shocked Announced to stop withdrawal In a regulatory scrutiny.

June 10, 2022 – Deputy Secretary of Finance Wally AddyEmo shows that Treasury cracks down on crypto wallet This allows consumers to buy and sell digital assets anonymously.

June 8, 2022 – New York State Department of Financial Services Issues New stablecoin guidance Following the collapse of Terra USD.

June 7, 2022 – Senaters Cynthia With Lumis Kirsten Gillibrand release Bipartisan proposal We are trying to establish a complete regulatory framework for currencies. Put suggestions CCommodity Futures Trading Commission (CFTC) Front and center. This suggests that cryptocurrencies should be considered commodities, not securities. This is a good view for the industry.

June 2, 2022 – New York lawmakers Go through the first limited moratorium About digital currency mining at fossil fuel power plants.

May 26, 2022 – House Financial Services Commission will hold a hearing on central bank digital currenciess (CBDC)Press Vice-Chairman of the Federal Reserve Board Rael Brainard cannot proceed without parliamentary legislation.

May 23, 2022 – A Fed survey Shows Most Americans with cryptocurrencies and other digital assets are wealthy and deposited in banks.

May 18, 2022 – SSecurities and Exchange Commission (SEC) Chair Gary Gensler Seeking Budget increase For the SEC to fight cryptocurrency crime.

May 17, 2022 – SEC Chair Gensler Enhanced investor protection Following the market downturn.

May 11, 2022 – Bitcoin loses 6 percent of its value It had a big impact on the cryptocurrency market. TerraUSD’s cryptocurrency will collapse and wipe out the value of $ 45 million in a few days.

May 6, 2022 – SEC fines computer hardware maker NVIDIA $ 5.5 million Due to a failure to disclose sales related to cryptocurrency mining.

May 3, 2022 – SEC almost doubles its size Cryptocurrency enforcement unit..

April 25, 2022 – – Consumer Finance Protection Agency (CFPB) Announces reliance on “pause” permissions Expand its range For non-banks and fintech.

April 25, 2022 – Up European Central Bank (ECB) Official remarks Cryptocurrency assets need to be taxed, especially if they have a high carbon footprint.

April 22, 2022 – House Democrats demand EEnvironmental Protection Agencyinvestigate Impact of crypto mining..

April 7, 2022 – – FDIC Encourage them to consult the bank Before offering cryptocurrency services.

April 7, 2022 –Secretary of the Treasury Janet Yellen remarks It is “premature to tell” whether cryptocurrencies or digital asset technologies will fulfill their promises.

April 6, 2022 – Sen. Pat Toomey release Discussion draft It creates a regulatory framework for stablecoin centered on OSecretariat of the Office of the Comptroller of the Currency (OCC).

April 4, 2022 – SEC Chair Gensler joins SEC and CFTC Provide joint monitoring Of cryptocurrency exchange.

March 31, 2022 – SEC issues a new issue Accounting guidance For cryptocurrency exchange.

March 9, 2022 – Release of the Biden administration Executive order To start Government-wide comprehensive approach For the regulation of cryptocurrencies and other digital assets.

February 22, 2022 – California State Legislature is following Wyoming and Arizona. Legislation To allow the citizen to pay taxes in cryptocurrencies.

February 17, 2022 – A bipartisan group of Wyoming lawmakers Propose a legislation To make their state the first state to have state-backed digital tokens.

February 17, 2022 – Following the October announcement, the Justice Department has added dedicated staff to deal with ransomware and other crypto-related financial crimes. National Cryptocurrency Enforcement Team..

February 16, 2022 – Cryptocurrency Consortium excHang and trading platform Launch an industry group Standardize your approach to money laundering and compliance.

February 15, 2022 – –Under Secretary Domestic Finance Nelly Treasury Liang Tell Congress Federal regulators do not have the authority to regulate Stablecoin without parliamentary law.

February 15, 2022 -manager Josh Released by Gottheimer Draft Stablecoin Bill Set up a regulatory framework.

February 14, 2022 – SEC fines crypto lender BlockFi $ 100 million The first thing the agency calls– – of– – this is– – A kind crackdown on digital asset transactions.

February 9, 2022 – Senate Agricultural Commission Promote more CFTC monitoring in the crypto marketThe CFTC states that it is not well prepared to defend against cyber attacks.

February 8, 2022 – Held by House Financial Services Committee Hearing with stablecoinShows that lawmakers are not advancing into the legislation of cryptocurrencies and digital assets.

February 3, 2022 – Boston Federated Bank Release research About the possible technical foundations of the CBDC to publish open source code.

January 31, 2022 – Wyoming and Arizona Advance proposal This allows taxpayers to pay taxes in cryptocurrencies.

January 31, 2022 – – Facebook sells controversial cryptocurrencies, Initially marketed as Libra and later renamed as Diem.

January 24, 2022 -manager Patrick McHenry begs for the chair of House Financial Services. Maxine Waters Accelerate legislation About the rules of cryptocurrencies and digital assets before the federal office decides Act.

January 20, 2022 – The House Energy and Commerce Committee Climate impact of crypto mining.

January 20, 2022 – Fed issues First paper Request public feedback on what the Federal Reserve Board considers to be the first decisive step taken at the CBDC in US digital currencies.

January 12, 2022 -Congressman Tom Emmer Specification That would prevent the Fed from issuing a CBDC.

January 11, 2022– Federal Reserve Board Jerome Powell shows to the Senate Banking Commission that he is open Allow crypto banks access to Fed payment rails and Fed accounts..

January 11, 2022 – – International Monetary Fund ((((IMF). Bitcoin and other Cryptocurrencies can no longer provide hedges for investments for The correlation between digital assets and traditional asset classes has increased significantly.

December 17, 2021 – – FSOC Encourage Congress to act under cryptocurrency regulationsPoint out the risk, but do not provide a timeline. Note that if Congress does not act, it does.

December 14, 2021 – Held by the Senate Banking Commission Hearing about the risks posed by stablecoin..

December 9, 2021 – IMF officials Emphasize the need for global cryptocurrency regulation Before the market destabilizes the economy.

December 8, 2021 – – Cryptocurrency CEO It first appears before the House Financial Services Commission in search of a transparent legislative framework.

11/23/2021 – OCC Overturn the Trump administration’s guidanceEmphasizes that banks must seek permission before engaging in crypto-related activities on behalf of their clients.

November 4, 2021 – Incoming New York City mayor Eric AdaMS Oath Receive the first three salaries with Bitcoin.

11/2/2021 – – Direct opposition to comments by CFTC and SEC Chair Gensler Note Most cryptocurrencies and digital assets are under the jurisdiction of the SEC and only “really, really few” should be properly treated as commodities...

November 1, 2021 – Released by Treasury and other federal agencies Long-awaited report With stablecoin, attention The issuer of Stablecoin should be treated as a bank and should call on Congress to legislate it.

October 27, 2021 – Acting for CFTCCHair Rostin BehNam goes to parliament Expand CFTC authority To regulate digital assets.

October 15, 2021 – CFTC orders cryptocurrency Tether and Bitfinex to pay $ 42.5 million fine For the misunderstanding that the currency is supported by the US dollar.

October 12, 2021 – Former Boston Federated Bank Chief Erich Rosengren Note Policy questions raised by the CBDC that is It’s much more complicated than the technical challenges.Note, but, It is unlikely that USCBDC is based on blockchain.

October 6, 2021 – Announced by the International Organization of Securities Commissions Detailed report Consider the systemic risk posed by Stablecoin.

October 1, 2021 – IMF Global standard To reduce the risks posed by cryptocurrencies.

September 30, 2021 – Bank for International Settlements launched Framework For the CBDC, which minimizes the necessary but controllable damage to bank lending and profitability.

September 21, 2021 – Current Acting Audit & Supervisory Board MemberEncy Michael Hsu Publicly push back complaints According to the cryptocurrency industry, crypto can reduce economic inequality.

September 20, 2021 – Cryptocurrency Exchange Coinbase Drop plans to launch the productClaims that the SEC threatened to file a proceeding to prevent the problem.

September 16, 2021 – – Senator Maggie Hassan Call to the federal office In a letter to Attorney General Garland To improve the crackdown on crypto crimes.

September 14, 2021 – SEC Chair Gensler Testify before the Senate Note that regarding cryptocurrencies, the Supreme Court has provided sufficient precedent to support the idea of ​​some cryptocurrencies.

Are securities and the others are commodities.

August 4, 2021 – – Cryptocurrency tax provisionsIt’s just a small part of the $ 1 trillion infrastructure bill and is controversial enough to threaten the entire bill. The final revision of the original text will infuriate the industry.

August 3, 2021 – SEC Chair Gensler Notes at the meeting Further parliamentary law is needed to crack down on the “wild west” of the crypto market.

July 19, 2021 – Treasury Secretary Janet Yellen urges federal regulators to:Act immediatelyRegulate stablecoin.

July 14, 2021 – ECB 24-month digital euro experiment..

July 13, 2021 – FRBFederal Deposit Insurance Corporation, and OCC request comment guidance Set the parameters accepted for the bank-fintech partnership.

June 8, 2021 – – Internal Revenue Service chief Charles Letig request Additional authority from Congress Monitor cryptocurrencies.

June 3, 2021 – Federal Court of Appeals Overturn previous ruling It claimed that the OCC had exceeded its authority when it began accepting bank charter applications from FinTech.

May 19, 2021 – Senate Bank Chair Sherrod Brown Requests OCC Opposition to granting a federal charter For cryptocurrency FinTech.

May 18, 2021 – OCC Deputy Chair Sue Parliamentary testimony The challenges faced by federal regulators given the lack of a unified federal strategy to address the risks posed by fintech development such as artificial intelligence and blockchain.

February 23, 2021 – Federal Reserve Chair Powell said the digital dollar was “Very high priorityFor the Fed.

January 21, 2021 – European Commission Digital euro Within 5 years.

RELATED ARTICLES

Most Popular