As Biden releases his executive order on crypto
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Congressional action to regulate stablecoin issuance and oversee their reserves could come as soon as this month. Both the House and the Senate were expected to draft different versions of stablecoin-related regulation this month; however, the escalating conflict in Ukraine has led lawmakers to question how a central bank digital currency would work. The House and the Senate both recently discussed a recent report on stablecoins from the President’s Working Group on Financial Markets (PWG) with the undersecretary for domestic finance at the Department of the Treasury, Jean Nellie Liang. - Liang and the PWG recommended that stablecoin issuers must be federally insured depository institutions — in other words, banks.
- The number of Democrats that disagree with the guidance is growing.
The big sticking point for lawmakers concerns creating rules around stablecoin reserves. The bipartisan consensus is that Congress wants to prevent the rise of another Tether (USDT). - With a market cap of close to $80B, Tether is an integral part of the global cryptocurrency market.
- Tether is supposed to be pegged 1-1 with the U.S. dollar but has faced scrutiny from regulators for only holding a small portion of its reserves in USD, with the majority being in vague holdings like commercial paper.
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Wednesday morning, President Biden signed an executive order that tasks federal agencies to create a roadmap for crypto regulation and assess risks and opportunities related to the growth of the cryptocurrency industry. The details of the order covered yesterday on Inside Crypto match the official White House Fact Sheet. The big takeaway is that the order appears more investigative than draconian. More: - Biden commented that the order will promote "responsible innovation."
- U.S. Securities and Exchange Commission Chair Gary Gensler wrote on Twitter that the rise of digital assets is an opportunity to reinforce America's leadership in the global financial system and in technology. He also warned that the technology could also pose risks to consumers, financial stability, national security, and climate if not regulated properly.
- The order represents the first attempt at a unified federal strategy around digital assets. However, the order does not provide the clear regulatory guidelines that many hoped for.
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 Bain Capital Crypto is getting bashed for a lack of diversity. Partner Stefan Cohen tweeted out a since-deleted photo of the all-male team unintentionally, yet ironically, on International Women's Day. Cohen has since responded to the backlash, stating that the mess-up was one of the reasons it is critical to have a diverse team. Cohen also doubled down on Bain Capital Crypto's commitment to hiring women, investing in women-led projects, and sponsoring "the creativity and genius of women, non-binary people, and people of color." For background on Bain Capital Crypto and their new fund, check out yesterday's edition of Inside Crypto.
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Privacy coins like Monero (XRM) and Zcash (ZEC) spiked due to a combination of two tailwinds: U.S. sanctions Sen. Elizabeth Warren (D-Mass.) introduced a new bill this week that would reportedly ensure that "crypto isn't used by Putin and his cronies to undermine economic sanctions." - The details of the bill are not yet known.
- Investors may be looking to front-run increased scrutiny and regulation by buying privacy coins.
Russian restrictions Russian central banks are allegedly restricting the sale of foreign currencies. - This leaves many Russians trapped holding the country's collapsing Rouble.
- These Russians may be buying privacy coins to preserve their purchasing power.
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 |  | Trevor Grant is an entrepreneur, investor, and writer based out of Chicago, Illinois. His primary area of interest is web3 venture capital, social tokens, and infrastructure. Other pursuits include screenwriting, yoga, and traveling. He holds a BS in biomedical engineering. Connect with him on Twitter @trevorisonline |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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