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The narrative

Last week, the White House published a The official reported actions of Congress such as the letter from the Senate Banking Committee Sherrod Brown to Treasury Secretary Janet Yellen on crypto regulation, and stated that the White House's own efforts would focus more on matters such as the implementation of the executive decree's recommendations.roadmap to mitigate cryptocurrencies’ risks,” signed by (outgoing) National Economic Council Director Brian Deese, White House Office of Science and Technology Policy Director Arati Prabhakar, Council of Economic Advisors Chair Cecilia Rouse and National Security Advisor Jake Sullivan.

Our last week of storytelling, the White House has released a "roadmap to mitigate the risks of cryptocurrencies," signed by (outgoing) National Economic Board Director Brian Deese, Arati Prabhakar, head of scientific and technological policy at the White House, Cecilia Rouse, chairperson of the Council of Economic Advisers, and Jake Sullivan, national security adviser.

How important that is. The cryptocurrency industry has actually experienced a challenging 2022. As I wrote in a previous edition of this newsletter, just trying to keep up with the various companies that declared bankruptcy has caused our court database fees to jump dramatically. Nevertheless, the statement sort of hints at a more cautious approach toward cryptocurrencies than U.S. President Joe Biden’s executive order on crypto from last March.

Nonetheless, the declaration suggests a more prudent approach to cryptocurrencies than the US President Joe Biden's cryptocurrency decree of last March.

The statement opened with a brief summary of “a tough year” for crypto, referencing the collapse of Luna and FTX but noting there did not appear to be any contagion from the crypto industry to the broader financial ecosystem.

I spoke with a senior administration official about the declaration, and he said it was part of the ongoing efforts of the biden team to address regulatory gaps in the crypto ecosystem.

I spoke with a senior administration official about the declaration, and he said it was part of the Biden team's ongoing efforts to address regulatory gaps in the crypto ecosystem.

The official pointed to Congressional actions like Senate Banking Committee Sherrod Brown’s letter to Treasury Secretary Janet Yellen on crypto regulation, and said the White House’s own efforts would focus more on issues like implementing the executive order’s recommendations.

"We look forward to strong action on the part of Congress to meet these needs, but we continue to move the paperwork along, Implementation of many of the recommendations [of the Order in Council] as well as encourage regulators...to continue their efforts to strengthen law enforcement and crack down on wrong practices in space," said the representative, Call double caterpillar approach. the grievor reported actions by Congress, such as Sherrod Brown's letter to Treasury Secretary Janet Yellen on crypto regulations, and stated that the White House's own efforts would focus more on matters such as the implementation of the executive decree's recommendations.

The statement last week made reference to earlier White House announcements, This includes the Digital Asset Framework, and statements issued by federal government departments, including a joint statement by banking regulatory agencies, released last week as well. But events over the past year have underscored the need to do more. Organizations have stepped up efforts to combat fraud, including the proliferation of false or misleading claims about FDIC-insured crypto assets.

And whereas the United States is already a world leader in the fight against money laundering and the financing of terrorism, Law enforcement is putting more resources into fighting illicit activities related to digital assets," the communique said.

“I think that given the events of the last fall, we were very mindful of the need to implement a lot of the safeguards that were called for in the FSOC reports, things like segregating customer assets, getting additional visibility into vertically integrated firms, cracking down conflicts of interest, addressing spot market jurisdiction and that's a long list. I believe this is what happened last autumn, we were very cognizant of the need to implement many of the protections that were required in the committee's reports, things such as customer asset segregation, increase visibility for vertically integrated enterprises, suppress conflicts of interest, It is a lengthy list.

But I think all of them are part of how we ensure we protect consumers and support financial stability," he said. It's gonna be a busy week. Four bankruptcy hearings, a hearing on the bail conditions for Sam Bankman-Fried, and the Celsius auction.

• 14:30 UTC (9:30 a.m. ET): FTX Bankruptcy Hearing - Appointment of Examiner
• 16:00 UTC (11:00 a.m. ET): Genesis Bankruptcy Hearing
• 19:00 UTC (2:00 p.m. ET): Celsius Bankruptcy Hearing

Wednesday

• 15:00 UTC (10:00 p.m. ET): Celsius Bidding Date
• 18:00 UTC (1:00 p.m. ET): FTX Bankruptcy Hearing

Thursday

• 15:30 UTC (10:30 a.m. ET): Sam Bankman-Fried Bail Hearing

This is what we're lookin' at.

Changing of the guard

N/A

Outside CoinDesk:

• (Federal Reserve) The Fed denied Custodia (formerly Avanti) Bank’s application to become a member of the Fed Reserve System.

If you’ve got thoughts or questions on what I should discuss next week or any other feedback you’d like to share, feel free to email me at [email protected] or find me on Twitter .

The Fed refused the application by Custodia (formerly Avanti) Bank to join the Fed Reserve System.

If you have any ideas or questions about what I should discuss next week or any other comments you want to share with us, Please do not hesitate to contact me at [email protected] or on Twitter.