This week, U.S. lawmakers and regulators have once again caught the attention of many. The provisions relating to the cryptocurrency in the infrastructure bill, which was a small grain of sand in the grand scheme of the Almighty Constitution, had all the laser eyes on the fateful House of Representatives — it never happened. However, there is a feeling that the bill will soon become law.
Jerome Powell, chairman of the Federal Reserve, also testified to Congress that we learned that a ban on Chinese-style blankets on cryptocurrencies would be of no use to the central bank, instead of tightening the regulation on fixed coins. The latter story has been skyrocketing for some time and now President Joe Biden and his administration seem to have made up their minds about how to take care of stable coins.
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The Infrastructure Bill is stalled
The politics surrounding the Infrastructure Investment and Employment Act of 2021 delays this large expenditure package and measures to close the tax gap, the second category being crypto-related provisions.
Progressives refuse to back the law unless the Concurrent Budget Reconciliation Bill promises adequate funding for social programs, but President Biden makes sure to put maximum pressure to bring that effort home. Otherwise, he risks ending his inaugural term without an adequate record of legislative achievements.
The vote can now be expected any day, and if the Democrats can agree internally, there is no way to block the Republicans.
CFTC strikes Crocken’s wrist
The $ 1.25 million fine imposed on Crocken by the Futures Trade Commission for trading marginal retail goods without proper registration felt like a favorable tip. Subsequently, Commissioner Don Stump added this sentiment, issuing a concurrent statement acknowledging that the existing CFTC guidance is lacking to provide clarity for companies that facilitate digital asset retail sales.
Central bank money is huge
Nigeria is still in the process of launching its digital currency, the Enaira, which has been approved by the country’s Federal High Court. Meanwhile, global financial institutions, such as the International Bank for Settlements, are continuing their efforts to develop the World Bank’s plan for digital money and common operating principles. A BIS report focuses on the problems of interaction between future digitized monetary systems and their traditional counterparts.