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

• On 4/14 the U.S. Treasury Department alleged that North Korean hacking group Lazarus is tied to a more than $600 million theft of cryptocurrency from the Axie Infinity-linked Ronin bridge.
• On 4/13 the Central Bank of Portugal granted the first license in the country to Bison Bank to begin offering custodian and crypto trading services. 

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.