U.S.Congress News

By Patricia Zengerle

By David Brunnstrom and Michael Martina

By Andy Sullivan and David Morgan

By Richard Cowan and Sarah N. Lynch

Biden assured Ukrainian President Volodymyr Zelenskiy on Thursday that strong U.S. support for his war to repel Russian invaders will be maintained despite opposition from some Republican lawmakers to sending billions more in aid. Biden and Zelenskiy held a war council in the White House East Room as part of a blizzard of appearances the Ukraine leader made looking to bolster U.S.

The crypto community, digital asset organizations and lawmakers have voiced their backing for the Coinbase vs. United States Securities Exchange Commission lawsuit's dismissal. In a recent update, a fresh attorney, Patrick V. Kennedy, has entered the fray, seeking court approval to represent the Chamber of Digital Commerce as amicus counsel.

Global regulatory landscapes are once again proving to be a turning point for crypto companies, demanding constant adaptation to navigate shallow regulatory waters across the world, particularly in the United States.

By Patricia Zengerle

By Patricia Zengerle

By Timothy Gardner and Patricia Zengerle

The ongoing crisis and uncertainty around the global banking system could push the cryptocurrency market into a more gray area in terms of regulation, Circle chief executive believes.

The United States Federal Deposit Insurance Corporation (FDIC) has sent a letter to executives of cryptocurrency exchange CEX.IO warning them that they are potentially in violation of federal law due to false and misleading statements about the exchange’s insurance status. The agency has given the exchange 15 days to make corrections.

Welcome to Law Decoded, your weekly digest of all the major developments in the field of regulation.

The turmoil surrounding crypto exchange FTX and Sam Bankman-Fried (SBF) reaffirmed regulators’ belief about the need for stricter oversight across the crypto ecosystem. Seeking investor protection against a similar fallout, New York Attorney General (NYAG) Letitia James recommended prohibiting crypto investments in defined contribution plans and individual retirement accounts (IRAs).

Sam Bankman-Fried, the outspoken CEO and founder of major crypto exchange FTX, has offered what he calls his "final thoughts" on the optimal lobbying strategy for the crypto and blockchain industry that could pave the way for more industry-friendly regulation in the U.S.  At the same time, he warned the industry over the potential negative outcome of engaging in "relatively strident/adversarial strategies”

Last week got off to an antsy start as the clause that many interpreted as a direct route to ban proof-of-work-(PoW)-based cryptocurrencies made a sudden comeback to the draft of the European Union’s key directive on digital assets. Many in the crypto policy space got immediate flashbacks to other instances of harmful last-minute additions to must-pass legislation days and hours before the vote. It all ended well, though, as the Committee on Economic and Monetary Affairs voted against the draft that contained the hostile language. Over in the United States, monetary policy kept growing more political, as evidenced by Sarah Bloom Raskin, President Joe Biden’s pick for the Federal Reserve’s vice chair for supervision, being forced to withdraw her nomination due to a Senate gridlock. Ukrainian President Volodymyr Zelenskyy took time off urgent matters of national defense to sign a bill granting digital assets legal status into law. Other big narratives of the week included crypto platforms’ expansion into the Gulf region, a slew of crypto-related statements and actions by members of the U.S. Congress and some favorable policy developments in Australia.

Lobbying by the cryptocurrency industry and crypto proponents is booming in the U.S. Congress. According to a report released Tuesday by Public Citizen, the number of lobbyists for cryptocurrency-related issues rose from 115 in 2018 to 320 in 2021, with the number of representatives of the cryptocurrency industry, itself, jumping from 47 to 157 in that time.

A survey of 1,000 United States consumers around growing interest in the metaverse has revealed some interesting results. 

The final passage of the U.S. Infrastructure Bill, one containing several provisions for cryptocurrency taxes, has led to the industry rallying against the U.S Congress. However, another proposal wrangling the house’s attention is the “Billionaire’s Tax.”

One of the reasons behind regulatory confusion in the USA is the way different financial authorities, state governments, and even the U.S Congress, exercise their authority. Especially, when it comes to the crypto-sector.