This week, United States lawmakers and regulators have stolen much of the spotlight once more. The cryptocurrency-related provisions of the infrastructure bill, a tiny grain of sand in the grand scheme of the omnibus legislation, had all light amplification by stimulated emission of radiation eyes glued to the fateful House of Representatives vote — which never happened. In that location is a sense, however, that the beak volition become constabulary sooner rather than later.

Nosotros take likewise learned from Federal Reserve Chair Jerome Powell testifying to Congress that the Fed sees no apply in a Prc-manner blanket ban on cryptocurrency, eyeing tighter regulation of stablecoins instead. The latter narrative has been thick in the air for some time, and now it appears that President Joe Biden and his administration take made upward their minds on how to go about reining stablecoins in.

Below is the concise version of this newsletter. For the full breakup of policy developments over the last week, register for the total newsletter below.

Infrastructure nib stalled

The politics effectually the Infrastructure Investment and Jobs Act of 2022 is delaying the vote on this massive package of spending and tax-gap-endmost measures, the crypto-relevant provisions belonging to the latter category.

Progressives refuse to back the legislation unless the moderates pledge plenty funding for social programs in the concurrent budget reconciliation bill, only President Biden is sure to put the maximum clasp on pressing the initiative home. Otherwise, he risks concluding his inaugural yr in function without a sufficient record of legislative victories.

The vote tin can be expected any day now, and if Democrats manage to hold internally, Republicans will accept no means of getting in the way.

CFTC slaps Kraken's wrist

The Article Futures Trading Committee's $1.25-1000000 penalty handed to Kraken for offering margined retail commodity transactions without proper registration had already felt like an amiable finger wag. Then, Commissioner Dawn Stump added to this sentiment past issuing a concurring statement where she admitted that the existing CFTC guidance falls short on offering clarity to firms that facilitate digital nugget retail commodity trading.

Central bank currencies loom large

Nigeria is still on runway to roll out its digital currency, the eNaira, any day now subsequently the nation's Federal High Court approved the initiative. Meanwhile, global financial institutions, such as the Depository financial institution for International Settlements, continue their efforts to flesh out the design and mutual operational principles for the world's primal banking company digital currencies. A BIS report, for one, focuses on the issues of interoperability between the future digitized monetary systems and their traditional counterparts.