Is crypto offering a boon to minority communities by increasing monetary entry? Is it a harmful new expertise that must be curtailed? Most likely someplace in between?
By the top of the yr, the administration had its reply. The Biden administration’s tone sharpened considerably, and banks trying to dip their toes within the water have largely been warned off pursuing crypto-related enterprise traces.
That shift units up a risky scenario for 2023. Some banks, like Financial institution of New York Mellon, are shifting forward with their efforts to custody crypto with out regulators’ enthusiastic assist. Different banks which have made crypto partnerships a cornerstone of their enterprise fashions are going through harsher market situations.
In the meantime, regulators and lawmakers are in search of their pound of flesh after the spectacular collapse of crypto change FTX and its founder Sam Bankman-Fried.
What follows is a glance again at crypto policymaking in 2022.
