Policy Week: Reckoning With Crypto Regulation

An Exploration of Cryptocurrency Regulation and Policy in the US and Abroad.

The fall of FTX changed the game for crypto in Washington, D.C. As CoinDesk's Jesse Hamilton writes today, Congress is ready to clamp down on the industry. Members there are shocked by the size of the crypto exchange's collapse, comparing it to the fall of the Enron energy company, and they're embarrassed at being taken in by Sam Bankman-Fried (SBF) and his political contributions.   For two years, SBF was crypto's number one proxy in D.C., an educator and schmoozer who charmed everyone with his youth and scruffy look. He was the source, along with his FTX colleagues, of political funding for one in three members of Congress (196 senators and representatives), according to a CoinDesk investigation. That makes the impact of FTX's fall in the Congress all the more powerful, Hamilton writes.   The influence of FTX and SBF runs wide, befitting a company that wanted to bestride the world. We'll publish reports from the European Union, South Korea, Japan, India, Singapore, Hong Kong and several other places as part of CoinDesk's Policy Week, which starts today and runs through Jan. 27.   And we'll have opinion pieces from a range of contributors. We hope you enjoy this comprehensive look at crypto policy at a reckoning moment for the crypto industry. Explore Policy Week Latest Policy Week Articles The World's Best Crypto Policies: How They Do It in 37 Nations What can the United States learn from regulation around the world? Full Story 'What Was Gary Gensler Really Doing?': Rep. Tom Emmer on FTX, the SEC and What's Next for Crypto in Congress The House Whip (a.k.a. the "Crypto King of Congress") blames over-centralization and old-fashioned fraud for FTX's collapse, not crypto. As federal legislators consider new crypto legislation, can he persuade his colleagues of the same? Full Story After FTX: How Congress Is Gearing Up to Regulate Crypto The industry is finally earning the priority status it desperately wanted, but for the wrong reasons, says CoinDesk's Jesse Hamilton. Full Story What If Regulators Wrote Rules for Crypto? The SEC and CFTC are unlikely to issue new rules covering crypto this year. But, if they did, calls from policymakers to regulate through rulemaking rather than enforcement offer a useful way forward, says Michael Selig, an attorney at Willkie Farr & Gallagher. Full Story Check Out the Whole Series Introducing DESK Quests   Quests are time-limited missions that reward you with DESK, CoinDesk's social token, for enjoying content from Consensus Magazine, Carpe Consensus and Powered by Consensus. Visit the DESK Hub and tap Quests to see a list of all available DESK rewards to get started. Go to DESK Hub Copyright © 2023 CoinDesk, All rights reserved.    250 Park Avenue South New York, NY 10003, USA   You can manage your preferences here, unsubscribe from this content or unsubscribe from all CoinDesk email.

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Uniswap Poll Favors Move to BNB Chain

January 23, 2023 The biggest crypto news and ideas of the day  Were you forwarded this newsletter? Sign up here. Don't want this newsletter? Unsubscribe Welcome to The Node. This is Daniel Kuhn, here to take you through the latest in crypto news and why it matters. In today's newsletter:   In the news: Binance's banking partner Signature Bank won't process transactions less than $100,000. New York's top financial regulator published more crypto guidance. And Uniswap users considering moving the V3 protocol to BNB Chain. The takeaway: Thomas Hogan, a senior fellow at the American Institute for Economic Research writing for CoinDesk's "Policy Week" series, argues fiat-pegged cryptos are essentially "private banknotes." Therefore, there is no prohibition against banks issuing stablecoins.  Want to join the most important conversation in crypto?  Secure Your Seat Exchanging It Up Binance said its banking partner Signature Bank will not handle SWIFT transactions of less than $100,000 for the world's largest crypto exchange's customers starting Feb. 1. Signature, which allegedly only accounts for 0.01% of Binance's average monthly users, is actively retreating from the digital asset industry amid a steep decline in deposits (like many of its competitors). Meanwhile, Uniswap government token holders voted to begin considering moving the decentralized exchange's V3 protocol to BNB Chain. The so-called "temperature check" was proposed by OxPlasma Labs, which argued Binance's chain would offer Uniswap a massive user base, potential liquidity and faster transaction speeds. Finally, the Stellar Foundation said it's owed $13 million by Genesis, after the crypto prime broker declared bankruptcy last Thursday. On-Chain Activity The hackers that stole $100 million from Harmony Network last year have bridged their ill-gotten gains from Bitcoin to Avalanche, Tron and Ethereum, according to MistTrack's on-chain analysis. The North Korea-based Lazarus Group is suspected to be behind the attack and recent transfers. Meanwhile, Cardano suffered a brief outage on Sunday. Developers could not find a singular root cause, according to a blog post, but noted the issue was automatically fixed within minutes. That comes as Coinshares reported investors have put some $25.5 million into funds meant to short bitcoin – the largest capital inflows since July – and as Bernstein floated the mean reversion theory (the idea that asset prices tend to revert to long-term averages) to explain BTC's notable weekend rally. Finally, Aptos' APT token gained triple digits in two weeks, a jump partially attributed to traction in the buzzy L1 blockchain's NFT ecosystem. New Rules? On Monday, the New York Department of Financial Services (NYDFS), the state's top financial regulator, published guidance for crypto companies to bolster customer protections – including requirements for stringent recordkeeping and segregation of customer funds. Much of this reiterates rules already established under New York's "BitLicense." Elsewhere, the Indian government is testing a "blockchain module" that will be overseen by an influential public policy think tank and the Central African Republic has formed an expert committee to draft crypto legislation. Both plans are meant to boost crypto adoption in the respective countries. Last, European Central Bank executive board member Fabio Panetta told lawmakers the "digital euro" would "never be programmable money." In other words the putative CBDC will not have restrictions on how it could be spent. Sound Bites: Compliance Chief on Congress "Whether you are pro or con on crypto, there's a sense among members of Congress that something must be done."    – Bitwise Chief Compliance Officer Katherine Dowling, on CoinDesk TV's "First Mover"  The Takeaway: Issuing Banknotes   Stablecoin regulation is one of the most controversial topics in cryptocurrency. Previous proposals sought to regulate transparency, issuance, and licensing of stablecoins, although no legislation has yet been passed. This debate, however, may be missing an important point: The issuance of redeemable notes by private banks, in paper or electronic form, appears to already be legal in the United States.   Private banknotes were widely used as a medium of exchange for the majority of U.S. history. Prior to the establishment of the Federal Reserve in 1913, banks issued paper notes redeemable for the equivalent amount of some asset, usually gold. Even after the end of the gold standard in 1933, notes issued by national banks continued to circulate, dwindling to around $20 million in circulation by 1970. Electronic stablecoins are the modern analog to paper banknotes.    In 2001, U.S. Department of the Treasury economist Kurt Schuler found that the issuance of private banknotes is technically legal in the United States. The tax on state-chartered notes, which effectively prohibited the practice, was repealed in 1976. If Schuler is correct, then no law or regulation currently restricts the issuance of private banknotes. The Clearing House, a bank association, supports this view, noting that stablecoin-related activities "clearly fall within the existing legal authority of banks." Further, they write, "no legislative change is required to permit banks to issue digitized deposits" in the form of stablecoins.    For regulatory purposes, redeemable stablecoins would presumably be treated like banknotes or other non-interest-bearing liabilities. They would not be subject to reserve requirements, which apply only to transaction accounts and were lowered to zero in 2020. Prior to 1994, national banknotes were required to be fully collateralized, but that requirement is no longer in effect. Bank-issued stablecoins would also not be subject to insurance from the Federal Deposit Insurance Corporation (FDIC), which applies only to specific types of accounts, such as checking and savings accounts.   State-chartered banks would likely enjoy more regulatory flexibility in issuing stablecoins. States like New York have deterred the crypto industry with restrictive regulatory regimes, but others including Wyoming have welcomed crypto and might provide a regulatory environment amenable to stablecoins. Prior legislative proposals sought to clarify the legal requirements for issuing stablecoins. Sen. Bill Hagerty's Stablecoin Transparency Act, Sen. Pat Toomey's Stablecoin TRUST Act and the Responsible Financial Innovation Act by Sens. Cynthia Lummis and Kirsten Gillibrand would each have required stablecoins issued by depository institutions to be fully collateralized and redeemable for U.S. dollars.   Another question is whether anti-money laundering (AML) laws, such as know-your-customer (KYC) requirements, would apply to bank-issued stablecoins. Some might argue that holding a stablecoin is like having a bank deposit, but a more accurate comparison is to personal or cashier's checks, which require only the check writer to have an account at the issuing bank. Signed checks can be passed on to other users who eventually redeem them. AML and KYC laws do not apply to intermediate holders of the check, only the check writer and possibly the redeemer. This standard should apply to stablecoins as well.   As the law currently stands, no legislation appears to be necessary for banks to issue stablecoins. The practice is not legally prohibited. If Congress or regulatory agencies wish to prohibit the issuance of stablecoins by U.S. banks, they must pass new laws or regulations to do so. Congress can help clarify the current legal ambiguity and ensure that safe, transparent stablecoin issuance continues to be allowed.   In 2012, I calculated that U.S. banks could earn billions in profits by issuing their own private notes. Banks can issue stablecoins, the question is whether they should.   – Thomas Hogan is a senior fellow at the American Institute for Economic Research. He was formerly the chief economist for the U.S. Senate Committee on Banking, Housing, & Urban Affairs. This article is part of CoinDesk's "Policy Week" Off-Chain Signals  Adam Tooze writes about the legacy of settler colonialism in the Bahamas, and how that contributed to the rise of "archipelagos capitalism" where businesses like FTX could thrive (Substack) EU lawmakers to vote on tighter crypto, ESG rules for banks (Reuters) Allen Farrington has a sophisticated takedown of "crypto" (Uncerto) "Everyone is a "ßh!†coiner" (Casa Nostra)  Vitalik Buterin proposes "secrecy addresses" for Ethereum (blog) Why couldn't Huobi admit Justin Sun helps run the crypto exchange? (Protos) Canto Rallies After Variant Discloses Stake (The Defiant) How Decentraland leaders giving money to Genesis completed a flow of capital (The Block) Ecash --> E-'sats' The Node: A newsletter from CoinDesk Were you forwarded this newsletter? Sign up here.  Don't want this newsletter? Unsubscribe. Copyright © 2023 CoinDesk, All rights reserved.  250 Park Avenue South New York, NY 10003, USA See all of CoinDesk's newsletters | Manage subscriptions | Opt out

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