Regulating Crypto

Bankers applauded the news, which means that it's possible for crypto-custody efforts at depository institutions to scale.

The executive order also calls for regulations to be written for the digital asset industry.

Several crypto-friendly voices join the Senate Banking Committee from Nebraska and Ohio, while Democrats leave a banking policy expert off the House Financial Services Committee.

Lawmakers on the House Financial Services Committee touched on a number of issues overlapping with banking and the Securities and Exchange Commission, including SAB 121 and stablecoin legislation.

Rep. Patrick McHenry, R-N.C., chairman of the House Financial Services Committee, and Sen. Cynthia Lummis, R-Wyo., seek to pass legislation to regulate cryptocurrency before the end of this Congress.

The House didn't meet the two-thirds threshold needed to overturn President Joe Biden's veto of a resolution nullifying staff accounting bulletin 121, which requires that banks hold cryptocurrency held in custody on their balance sheet as liabilities.

A bill to draw crypto's jurisdictional lines between the Securities and Exchange Commission and the Commodity Futures Trading Commission is pitting increasingly crypto-friendly Democrats against consumer protection hawks in the Senate.

The bill includes a provision that would codify Republicans' and the banking industry's complaints with a Securities and Exchange Commission measure that banks say would bar them from custodying crypto assets.

Zeke Faux, a Bloomberg journalist, describes his two-year odyssey to better understand cryptocurrencies in his book "Number Go Up." His work proves to be an entertaining deep dive into an industry riddled with scams.

Ripple, Coinbase and Circle all received licenses to operate under the nation's stablecoin regulations, which offer more clarity than American rules do.