4/22/22 Roundup

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.