3OH DAO Staffs Up in D.C., Launches Super PAC, Unveils Policy Principles to Enable a More Democratized Internet

threeohdao on June 5, 2022

Web 3.0 Super PAC Poised to Shape Key Midterm Races

WASHINGTON, D.C. (JUNE 6, 2022) – ThreeOhDAO (3OH), a Decentralized Autonomous Organization (DAO) working to identify and elect representatives that support Web3, today announced a new leadership team, including veterans from the hill, and the worlds of campaign finance and tech startups. 

ThreeOhDAO Leadership Team

With industry-impacting legislation and competitive midterms on the horizon, 3OH has assembled a powerful group of policy and political experts charged with taking the organization to the next level.

Dave Barmore, was named 3OH’s Campaign and Public Affairs Director. Barmore is co-founder of Runway Strategies, a strategic policy advisory firm. He previously worked in Congress, and was an early policy hire at Uber. He will lead the day-to-day operations of 3OH’s policy and advocacy work in D.C.

Lindsey Schulte, a campaign finance operative with more than two decades of experience including senior positions at the Democratic Congressional Campaign Committee (DCCC) and numerous Super PACs, will spearhead donor and giving strategy for the Web 3.0 PAC. 

Jennifer Mullin will lead strategic communications for 3OH. She is a former communications director in the U.S. Senate and led public affairs campaigns at Exelon, Uber and The Glover Park Group. 

Policy Solutions to Power Web 3.0

3OH released a detailed set of policy principles to inform and guide lawmakers and candidates for office on how to best enable  the next generation of the internet, known as Web 3.0. 

The principles touch on how digital assets and other Web 3.0 infrastructure should be treated by federal regulators, tax policy, and grantmaking bodies. The overarching goal is to allow more people to interact with these technologies and encourage innovation to thrive so that the U.S. can harness the economic opportunity Web 3.0 offers. 

Web 3.0 Super PAC

The Web 3.0 PAC will support candidates who believe in the societal and economic benefits of blockchain technology, and who will champion policies that support innovation and advance the transition to Web 3.

Both federal and state level candidates will be considered. 

“The U.S. has a huge opportunity to embrace Web 3.0 and the infrastructure it’s built upon, but  we are falling behind due to a lack of clarity on numerous issues,” said 3OH Founder, Dustin Dill. “There are legions of people who have a stake in these industries and want to advocate for smart policy solutions. The Web 3.0 Super PAC will give them a voice and path for shaping some of the most important policy decisions of our lifetimes.” 

Coming Soon: Educational Policy Series

The 3OH team will host a series of educational forums and conversations with the brightest minds in the crypto and Web3 policy space to inform industry enthusiasts on how federal and state action can  help or hasten progress toward a workable, properly regulated, decentralized finance system. 

Presenters will also provide updates on the latest legislation and where regulatory agencies may be focused in this space.

Speakers in the series will translate the arcane, and craft their presentations and remarks for a non-policy audience. More information on the series and how to participate will be released in the coming weeks at https://threeohdao.com. 

About ThreeOhDAO

ThreeOh DAO (3OH) is a Decentralized Autonomous Organization (DAO) working to actively identify and elect representatives that support Web3 as a Value Proposition in government policy and legislation.

3OH’s active collaboration with DeFi Advocacy (501c4), DeFi Education (501c3), and Web 3.0 PAC (Super PAC) provide an organized means to educate and influence policy and lawmakers for the advancement of Web3 and Decentralization.

6/4/22 Roundup

threeohdao on June 4, 2022

DeFi Weekly Roundup

June 4, 2022

Federal 

  • A group of renowned technologists has joined forces to urge US lawmakers to crack down on the cryptocurrencies industry, marking a concerted effort to counter lobbying by blockchain companies.
  • The Commodity Futures Trading Commission sued Gemini Trust Company LLC Thursday on allegations the crypto exchange’s staff misled the federal regulator during Gemini’s 2017 effort to launch trading of what would have been a landmark bitcoin futures contract.
  • Cryptocurrency speculation is lumped in with other highly risky ventures in a series of new U.S. Securities and Exchange Commission videos meant to educate potential investors by comparing some investment choices with a game show.

State 

  • Below is a summary of the latest legislative developments that have occurred this past week in state legislatures. Our master state legislative tracker can be found here. 
    • New York: A.7389C –  Implements a two year moratorium on crypto proof of work mining in the state. The bill passed second reading on 6/2 and was returned to the assembly. 
    • Louisiana: HCR 103 – Directs the Cash Management Review Board to consider and report on ways the state can utilize cryptocurrency. The bill was signed by the Government and enacted on 6/3.
  • Colorado: H.B. 22-1053 – Would implement the design, development, and deployment of an online program for agricultural producers to learn about the use and benefits of implementing new digital, data-driven systems to facilitate trade in agriculture. Was signed by the Governor on 5/31 and has become law. 
  • Arizona: HB 2204 – Would add virtual currency and NFT’s to tax deduction eligible purchases. The bill passed first reading on 5/31 and will go to the Senate.

International

  • The Bank of England yesterday announced it would intervene to direct and oversee collapsing stablecoins should the British central bank decide that a stablecoin issuer “has reached systemic scale failure.” 
  • Crypto exchanges should lose their licenses if found to have seriously breached anti-money laundering rules, European Union financial supervisors said. The recommendation comes as lawmakers reach the closing stages of landmark legislation known as MiCA, introducing an authorization regime for virtual asset companies.
  • A German central banker has called for a bank-style international standard-setter for financial-technology innovations while dismissing decentralized finance as a “casino” for speculators.

Industry

  • Fidelity Digital Assets, a subsidiary of the financial services giant Fidelity Investments, plans to double its headcount this year to meet the growing demand for crypto trading from institutional investors.
  • Chipotle will now accept cryptocurrency through Flexa, a digital payments platform that had also previously partnered with Starbucks. 

DAO 101

threeohdao on June 1, 2022

What is a DAO? 

By definition a DAO is a Decentralized Autonomous Organization. However, this definition is vague and leaves much to be desired. A better way to describe a DAO is an organization that lacks a centralized decision making body, and is run by the investors that support it. This can be a large number of investors, or a very small number of investors. The DAO sets up a system of governance, and explicit rules that are written into smart contracts and implemented on the blockchain. Investors purchase governance tokens to participate in community wide votes that determine the direction of the DAO. 

What are smart contracts?

Smart contracts are digital contracts stored on a blockchain that execute specific functions when certain parameters are met. This eliminates the need for a third party intermediary. In essence, this sets the rules of the DAO in “stone.” These rules can be changed at a later time, but only after an investor community vote.

How do DAO’s work?

A DAO is designed to transparently operate an organization through a set of rules that is determined by a consensus voting mechanism that is set up, tracked, and saved on a blockchain. The developers of the DAO outline the rules for the organization explicitly on the blockchain, which allows potential investors with transparent rules or guidelines. Any changes to these guidelines require a vote from the pool of investors to approve those changes. In short, it’s a community lead organization. 

In Layman’s terms, the investors vote on the rules that guide the organization, and based on those rules make decisions about the direction of the organization.

Through the use of consensus voting, the organization is able to execute the wishes of the investors, while simultaneously gathering the collective opinion of the interested parties. Decisions like asset allocation, strategic direction, and core values are determined through community wide consensus voting. All of these decisions are recorded with “transactions” on the blockchain that edit the smart contract. These changes can be viewed and audited at any time. A DAO is basically a fully transparent democratic organization where the collective voice of those most affected determines the direction of the business.

Who is really in charge?

The investors are the core decision making unit within a DAO. Individual DAO’s may structure their organizations differently, i.e., community elected board, or the original developers and community elected members forming a board. There is a small group that is tasked with executing the decision of the DAO with approval from multiple members being required to complete transactions.

The concept for consensus voting is based in the sense that everyone will vote in their best interest. Once you have collected everyone’s vote, you know which way the investors believe is the most beneficial direction for the organization.

How does DAO voting work?

Votes are recorded using blockchain technology that adds items to the original contract to track each vote. Snapshot Labs is the company that most DAO’s use, currently. 

A voting member, determined by the governance token, simply connects their crypto wallet to the contract that is being voted on and completes the vote. They will sign the contract after voting to lock in their vote on the blockchain. This records their vote on this particular proposal on the blockchain forever. The size of one’s vote can be determined in multiple ways, with most choosing to base it on the number of governance tokens an investor has. When the proposal is completed, the votes are tallied and recorded on the blockchain within the smart contract. The community-chosen method of leadership then executes the consensus decision.

What is governance?

The governance stake in each DAO is based on the parameters set forth by the developers and previous DAO votes. These are the rules of the organization. These are housed on the blockchain where they are auditable and immutable. Every decision made by the DAO is housed within this contract. 

How does governance work?

This is based on the rules, but in most cases it is determined by an investor’s stake in a digital asset. The more of the asset the investor holds, the higher percentage of votes they receive during the voting process.

Can anyone invest?

Some DAO’s are private, while others are public. If the investor meets the criteria for owning a governance stake in the company, they are eligible to vote during votes.

What are the future opportunities for DAO’s?

With the expansion of blockchain technology and the use of digital assets, the future for well-run DAO’s is very bright. These organizations utilize direct feedback from investors as to the best direction for the organization. This builds up investor morale, and the feeling of being heard. Since it is housed on the blockchain, the rules of the DAO can be audited 24/7/365. The blockchain also ensures that it is immutable, meaning the contract can’t be edited, removed, or controlled by anyone. This provides a level of transparency that isn’t seen in traditional business sectors. 

In its simplest form, the organization is marketing to, and expanding its customer base by increasing the investor holdings. Unlike traditional publicly traded companies, every investor has a say in the direction of the organization based on their stake in the company. Essentially DAO’s gain their feedback directly from their customers. By combining investor opinions with high levels of investor engagement on a highly transparent level, DAO’s have the opportunity to recreate business as we know it.

5/27/22 Roundup

threeohdao on May 31, 2022

DeFi Weekly Roundup

May 27, 2022

Federal 

  • U.S. Federal Reserve Vice Chair Lael Brainard said that a CBDC could exist alongside stablecoins and provide a measure of safety. Brainard’s comments were part of testimony released in advance of her appearance in front of the House Financial Services Committee on Thursday.
  • Attorneys for cryptocurrency-trading platform Coinbase filed a motion this month to dismiss a class-action lawsuit arguing that 79 of the tokens listed on the firm’s platform are unregistered securities. The case may determine whether digital tokens are, for legal purposes, more similar to stocks or to gold.
  • The Federal Reserve finally released a much-delayed paper opining on the pros and cons of developing its own CBDC, but without coming to any firm conclusions.
  • Securities and Exchange Commissioner Hester Peirce stated this week that the U.S. has dropped the ball on crypto regulation and the knock-on effects of that failure keep her up at night.

State 

  • Below is a summary of the latest legislative developments that have occurred this past week in state legislatures. Our master state legislative tracker can be found here. 
    • New York: S 9410 –  Requires certain disclosures by a developer of virtual tokens in advertisements involving such virtual tokens; provides restrictions concerning advertising. The bill was introduced on 5/25. 
    • Louisiana: HCR 103 – Directs the Cash Management Review Board to consider and report on ways the state can utilize cryptocurrency. The bill entered committee on 5/25.
  • Colorado: H.B. 22-1053 – Would implement the design, development, and deployment of an online program for agricultural producers to learn about the use and benefits of implementing new digital, data-driven systems to facilitate trade in agriculture. Was signed by the Speaker of the House on 5/27 and will become law. 

International

  • SunCash, a financial institution authorized to provide Sand Dollars in the Bahamas, will allow holders of the Bahamian Sand Dollar to use facial recognition to authenticate themselves. It is the first time in history that consumers will be able to use facial recognition to buy goods and services with a CBDC.
  • Binance will help Kazakhstan develop digital assets regulation as the central Asian country looks to develop its crypto industry beyond bitcoin mining.
  • Portugal’s Congress rejected on Wednesday two bills that sought to tax cryptocurrencies, continuing uncertainty around the future of crypto taxation in the country. 
  • Australia’s newly-elected Prime Minister – Anthony Albanese – reportedly has three top issues he hopes to address including climate change, cost of living, and imposing comprehensive rules on the cryptocurrency industry.

Industry

  • The DeFi-focused startup Common has raised $20 million in its latest funding round. The funds will be used to further develop its platform, which aims to become the ultimate community management platform for DAOs. 
  • Ethereum core developer Preston Van Loon told a panel this week that the blockchain merge is likely in August if everything goes as planned. 
  • Tether on Thursday added to its roster of stablecoins, launching its MXNT token pegged to Mexico’s peso.

​​Korean crypto exchanges issued warnings on litecoin over confidential transactions this week. Similar warnings have come in advance of delisting in the past.

5/22/22 Roundup

threeohdao on May 25, 2022

DeFi Weekly Roundup

May 22, 2022

Federal 

  • The State Department, the Department of Treasury and the FBI have warned that North Korean agents posing as IT workers continue to target projects that involve virtual currency in the US.
  • Venture capital firm Andreessen Horowitz submitted recommendations to the Senate Banking Committee, highlighting four areas where the U.S. government can govern cryptocurrency and blockchain technology including DAOs. 
  • During a House Appropriations Committee hearing Wednesday, Securities and Exchange Commission Chairman Gary Gensler said he worries that more investors will be harmed in cryptocurrency markets. 

State 

  • Below is a summary of the latest legislative developments that have occurred this past week in state legislatures. Our master state legislative tracker can be found here. 
    • Colorado: SB 22-025 –  Would require the state treasurer to study the feasibility of using security token offerings for state capital financing. The bill was passed and signed on 5/17. 
    • Missouri: H.B. 1472 – Will expand money laundering code to assist in stopping money laundering using crypto. Has passed both houses and been delivered to the Governor for signature on 5/18. 
    • Louisiana: HCR 104 – Would prompt the Dept. of Revenue to study and report on the feasibility of accepting virtual currency as a form of payment of taxes, licenses, fees, penalties, and interest due to the state. The bill left committee on 5/19.

International

  • Portuguese Minister of Finance Fernando Medina has stated that cryptocurrencies will be subject to taxation in the near future, signaling a reversal from previous policies. 
  • The regulation of crypto-assets is likely to be discussed at a meeting of Group of Seven finance chiefs this week in Germany according to French central bank head Francois Villeroy de Galhau.
  • Sarah Pritchard, the executive director of markets at the United Kingdom’s Financial Conduct Authority reportedly said that the regulator will look at the recent volatility in the crypto markets when creating rules for the space in 2022.
  • Cyprus has prepared its own legislation to regulate crypto assets and is likely to adopt it before Europe finalizes a common regulatory framework.
  • Christine Lagarde, president of the European Central Bank, has warned that cryptocurrencies are worthless and should be regulated.

Industry

  • Coinbase has launched the Coinbase Institute — “a global crypto-native think tank grounded in evidence-based research”. 

The joint U.S.-EU Trade and Technology Council will collaborate on the research and development of technology to track carbon emissions, and will look at blockchain technology as a potential tool for measuring and utilizing lifecycle greenhouse gas (GHG) assessments.

5/13/22 Roundup

threeohdao on May 25, 2022

DeFi Weekly Roundup

May 13, 2022

Federal 

  • A decline in the  price of cryptocurrency prompted Treasury Secretary Janet Yellen on Tuesday to reiterate calls for Congress to authorize regulation of stablecoins.
  • Speaking with The Block, Democratic members of the Banking Committee are criticizing Republicans for downplaying risks that stablecoins pose. 

State 

  • Below is a summary of the latest legislative developments that have occurred this past week. Our master state legislative tracker can be found here. 
    • Five states issued emergency orders on Wednesday requiring a metaverse casino with alleged Russian ties to immediately halt the sale of its NFTs, citing fraud, deceit and registration violations.The five states are Alabama, New Jersey, Texas, Kentucky and Wisconsin.
    • Colorado: SB 22-025 –  Would require the state treasurer to study the feasibility of using security token offerings for state capital financing. The bill was passed on Tuesday and now will go to the governor to be signed. 
    • Missouri: HB 2672 – Defines an open blockchain token as intangible personal property and requires creators of such tokens to identify themselves to the state prior to launch. The bill entered committee on 5/13.
    • New York: S 9275 – Requires certain disclosures by a developer of virtual tokens in advertisements. The bill was introduced on 5/12.
    • Louisiana: HCR 104 – Would prompt the Dept. of Revenue to study and report on the feasibility of accepting virtual currency as a form of payment of taxes, licenses, fees, penalties, and interest due to the state. The bill entered committee on 5/9.

International

  • A joint body tasked with coordinating crypto regulation globally is sorely needed and could become a reality within the next year, according to Ashley Alder, chair of the International Organization of Securities Commissions, an association of market regulators.
  • The European Commission is considering hard curbs on the ability of stablecoins to become widely used in place of fiat currency..
  • Israel’s central bank said on Monday it had received public support for its plans to issue a digital shekel on grounds it would help the economy by supporting innovation.

Industry 

  • Binance on Wednesday named Joshua Eaton, a former Deputy U.S. Attorney in the Northern District of California, as the deputy general counsel of the world’s largest cryptocurrency exchange.

Mining Capital Coin CEO and founder Luiz Capuci Jr. was indicted this week and accused by the DOJ of allegedly running a $62 million global investment fraud scheme. He’s the latest of severalcrypto company heads who have recently been similarly charged.

5/8/22 Roundup

threeohdao on May 9, 2022

DeFi Weekly Roundup

May 8, 2022

Federal 

  • The U.S. Securities and Exchange Commission is hiring another 20 enforcement staff for the unit focussed on crypto scams and cyberthreats. With the additions, the number of staff dedicated to probing securities law violations in fields like coin offerings, lending, NFTs and DeFi is 50.
  • Both Republican and Democratic candidates in Ohio have made strong commitments to support the crypto industry in the wake of the primary election there on Tuesday. 

State 

  • Below is a summary of the latest legislative developments that have occurred this past week. Our master state legislative tracker can be found here. 
  • New York: A. 7389C – Would ban crypto proof of stake mining for two years. Passed the House on 4/26 and moved to the Senate.
  • California Gov. Gavin Newsom issued an executive order Wednesday on cryptocurrencies, laying out a road map for regulatory and consumer protections and examining ways the state can take advantage of blockchain technologies and digital assets.
  • Fairfax County, Virginia, is considering putting some of its pension fund money in two crypto funds that use a yield farming strategy.  

International

  • The European Union’s financial services commissioner, Mairead McGuinness, has called for a new “global agreement on crypto” to protect investors and limit the environmental impact of bitcoin mining.
  • Nine out of 10 central banks around the world are exploring CBDC’s, according to the results of a survey conducted by the Bank for International Settlements.
  • European states were urged to clamp down on crypto-enabled money laundering by the Council of Europe’s MONEYVAL committee in a report published Wednesday.
  • Uzbekistan has created a cryptocurrency regulatory framework which will require exchanges, mining pools, and crypto custodians operating in the Central Asian republic to be registered locally.
  • Many Cubans are turning to cryptocurrency to avoid sanctions, starting next month the Central Bank of Cuba will issue licenses to virtual asset service providers.

Industry 

  • Nvidia Corp. agreed to pay federal securities regulators a $5.5 million penalty over allegations that the chipmaker failed to adequately disclose revenue from crypto mining.
  • Gucci has rolled out the crypto payment mechanism at its flagship stores in the U.S.

5/1/22 Roundup

threeohdao on May 2, 2022

DeFi Weekly Roundup

May 1, 2022

Federal 

  • U.S. lawmakers have reintroduced the Digital Commodity Exchange Act of 2022, a bill that would give the Commodity Futures Trading Commission a greater role in overseeing companies issuing or letting people trade digital tokens. 
  • The Blockchain Association along with The Mortgage Bankers Association have disclosed that they are lobbying against The Russian Digital Asset Sanctions Compliance Act of 2022, introduced by Senator Warren and designed to curtail the use of cryptocurrency as a way to evade sanctions.
  • Peter Thiel protege Blake Masters is using his Republican primary campaign for Arizona Senate to evangelize for cryptocurrency, vowing to fight regulatory efforts on digital currency.
  • ​​Labor Department officials believe Fidelity Investments’s plan to allow investors to put bitcoin in their 401(k) accounts risks the retirement security of Americans. 

State 

  • Below is a summary of the latest state legislative developments that have occurred this past week. Our master state legislative tracker can be found here. 
    • Missouri: H.B. 2571 –  Would add cryptocurrency to state laws concerning money laundering. Passed first reading and was scheduled for public hearing on 4/26.
    • Colorado: H.B. 22-1053 – Would implement the design, development, and deployment of an online program for agricultural producers to learn about the use and benefits of implementing new digital, data-driven systems to facilitate trade in agriculture. Passed the House on 4/24 and is now in the Senate. 
    • New York: A. 7389C – Would ban crypto proof of stake mining for two years. Passed the House on 4/25 and moved to the Senate.
    • Hawaii: H.B. 2108 – Establishes a program for the licensure, regulation, and oversight of digital currency companies. Passed both houses and is now in reconciliation to comply with amendments from both chambers as of 4/29.

International

  • Binance announced on Thursday that it has closed several accounts associated with relatives of Russian officials, following last week’s announcement that the exchange was limiting services in the country.
  • The European Banking Authority’s Joana Neto has said that new proposals outlined by the EU to monitor large transactions involving unhosted wallets are “very resource intensive” for exchanges and questioned what regulators would do with the collected data. 
  • The Central African Republic has adopted bitcoin as legal tender, the president’s office said Wednesday, becoming the second country in the world to do so behind El Salvador.

Industry 

  • Goldman Sachs Group Inc. offered its first ever lending facility backed by Bitcoin, in a significant step for a major U.S. bank that accelerates Wall Street’s embrace of cryptocurrencies.
  • Fidelity plans to begin allowing 401(k) savings to be allocated toward crypto currency later this year for millions of investors. 

4/22/22 Roundup

threeohdao on April 22, 2022

DeFi Weekly Roundup

April 22, 2022

Federal 

  • The Federal Election Commission signaled on 4/15 that it will take steps to uncover some types of virtually untraceable donations to super PACs, a potentially significant shift in the enforcement of campaign finance law.
  • The FBI, the Cybersecurity and Infrastructure Security Agency (CISA) and the U.S. Treasury Department issued a warning to the crypto industry highlighting increasing risk from North Korea state sponsored hackers. 
  • Over two dozen Democratic members of the house penned a letter to the EPA chief this week urging greater scrutiny of the crypto industry and its impact on climate change.

State 

  • Below is a summary of the latest state legislative developments that have occurred this past week. Our master state legislative tracker can be found here. 
    • Nebraska: L.B.707 – Bans custodianship of cryptocurrency unless the currency was initially offered more than six months prior. The bill was signed by the governor on 4/18.
    • Missouri: H.B. 2571 –  Would add cryptocurrency to state laws concerning money laundering.. Passed first reading and was scheduled for public hearing on 4/26.

International

  • IMF officials identified crypto regulation as India’s top midterm issue this week during public meetings. 
  • The U.K.’s Financial Conduct Authority appointed Victoria McLoughlin as interim head of its digital assets department as the country ramps up its efforts to regulate the crypto industry.
  • The crypto sector has written to European Union finance ministers and lawmakers to urge a rethinking of anti-money laundering rules the industry regards as “burdensome” and “alarming.” The letter from academics and experts primarily raises concerns around privacy.
  • The Australian Prudential Regulation Authority (APRA) set out initial risk management expectations for regulated entities dealing with crypto assets on Thursday, as well as a policy roadmap for introducing further standards over the next three years.
  • Germany’s second largest bank – Commerzbank has applied for a crypto license. If the license application is accepted, the bank would be authorized to offer exchange and crypto-asset services.

Industry 

  • Binance, the world’s largest crypto exchange, is leaving the Blockchain Association after less than two years due to a difference in “values, goals and standards.”
  • Blockchain.com will likely look at an IPO as early as the beginning of next year. 
  • Goldman Sachs has released a report stating that  virtual-reality (VR) platforms are projected to evolve rapidly in 2023, noting that tech titans like Apple and Meta will lead the race to develop metaverse technology.

4/17/22 Roundup

threeohdao on April 17, 2022

DeFi Weekly Roundup

April 17, 2022

Federal 

  • On 4/10 FTX Digital Markets co-CEO Ryan Salame launched American Dream Federal Action, a PAC supporting “forward-looking Republican candidates who want to protect America’s long-term economic and national security.” The PAC will focus on crypto. 
  • On 4/7 the Republican Congressional Committee released a policy paper entitled Cryptocurrency Goes Mainstream which among other things calls for the preservation of private sector innovation in the crypto industry. 

State 

  • On 4/13 state regulators in Texas and Alabama ordered virtual casino Sand Vegas Casino Club to stop selling NFTs, alleging the firm is defrauding the public by promising a cut of profits from its metaverse casinos and selling unregistered securities.
  • California’s  Department of Financial Protection and Innovation has said that it received 326 complaints about cryptocurrency products or services between 01/01/21 and 02/14/22. The complainants reported losses totaling $7.75 million from scams.
  • Conneticut: H.B.5320 – Would require the registration of virtual currency businesses,  establish consumer protections concerning virtual currency, and allow the acceptance of credit and debit cards for the purchase of virtual currency. Reported out of committee on 4/13.
  • Virginia: H.B.263 – Will allow state banks to offer crypto asset custodial services. The bill was signed by the governor on 4/11 and will take effect in July. 
  • Hawaii: H.B.2108 – Establishes a program for the licensure, regulation, and oversight of digital currency companies. The bill was sent back to the House on 4/14 where the house rejected Senate amendments.
  • Rhode Island: H.B.8152 –  Establishes a green coin to be issued by the state as reward for adhering to environmental building guidelines. The bill was introduced on 4/14.

International

Industry 

  • The Depository Trust & Clearing Corp., a top financial services company, is working with the Digital Dollar Project, a nonprofit, on a central bank digital currency pilot.
  • On 4/13 Nexo and Mastercard launched the first crypto backed credit card in selected European markets.