This week's global news roundup include Canada's crackdown on crypto operators, Westpac's cloud project and more. 

The collapse of the Sam Bankman-Fried's controversial crypto exchange changed consumers' view of digital assets. Credit unions, in turn, pivoted to focus on lower-risk services.

The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency have issued statements on crypto risks this year. Industry participants warn about a chilling effect.

Bank of England Deputy Governor Jon Cunliffe said a new digital version of the pound could help protect consumers in the event of a failure in the banking system, adding to arguments in favor of a project make a form of cash usable online.

The U.S. Securities and Exchange Commission is not the right regulator for stablecoins, according to Jeremy Allaire, the chief executive and founder of Circle, which issues the second-largest stablecoin, USD Coin,

The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency also flagged stablecoin reserves, deposit insurance claims and brokered deposit requirements as potential liquidity risks.

The Federal Deposit Insurance Corp.'s Inspector General says the agency needs to mitigate digital asset risks, and notes that dozens of its affiliate banks are looking into — or are actively engaged with — crypto assets.

The sweeping legislative package would require digital-asset businesses to get licensed and add to the authority of the state financial services regulator. Illinois officials say the changes would protect consumers and level the regulatory playing field, but a banking trade group is pushing back against some of the ideas.

House majority whip Rep. Tom Emmer, R-Minn., introduced a similar bill last year before joining House leadership in this Congress.

Digital asset startup MoonPay has appointed former Coinbase executive Asiff Hirji as its new president and chief operating officer. Hirji aims to continue the company's push into the nonfungible token market.