A sweeping piece of legislation that would overhaul how the cryptocurrency industry is regulated by Washington is unlikely to be voted on this year by the U.S. Senate, according to one of the lawmakers driving the effort.

The comments from the agency's under secretary for domestic finance came as it issued a request for feedback on the risks and opportunities of digital assets.

Expanding its support into digital assets will let users see a more complete financial picture in personal finance apps that use Plaid for data aggregation.

Lawmakers and regulators alike appear increasingly unlikely to make significant progress in crypto policy before autumn, frustrating analysts and advocates alike.

Nikhil Rathi, CEO of Britain's Financial Conduct Authority, said the recent cryptocurrency market crash has underscored the need for regulation on both sides of the Atlantic.

The cryptocurrency lender Celsius Network filed for Chapter 11 bankruptcy, the latest casualty of a $2 trillion crash that has wiped out some of the industry’s biggest names and exposed hundreds of thousands of individual investors to steep losses.

As Celsius Network’s customer withdrawal freeze enters a full month, the beleaguered crypto lender has paid back a string of debts totaling more than $900 million during the same period to decentralized-finance platforms. 

Challenger banks such as Quontic Bank and Current are just some of the early adopters in the evolving space.

The Financial Stability Board, an international consortium representing G-20 countries' bank authorities, advised them to get tougher on stablecoins and other crypto assets.

Crypto startups finally felt the effects of an economic storm that has been cooling digital currencies, public stocks and venture capital all year. Funding to private crypto companies in the second quarter fell to its lowest level in a year, according to data from PitchBook.

In the past day, Celsius repaid about $78.1 million worth of USDC stablecoin to the lending platform Aave, according to Etherscan. It also repaid $35 million worth of the stablecoin DAI on the Compound platform. 

Securities regulators in Texas and Alabama are expanding their investigations into Voyager Digital and Celsius Network to account for new information arising from the implosions of the two crypto-lending firms. 

In a speech at the Bank of England, the vice chair of the Federal Reserve Board gave her strongest endorsement to date for the benefits of a central bank digital currency. 

The Federal Deposit Insurance Corp., which protects customers in the event of certain types of bank failures, is looking into how the bankrupt digital-asset firm Voyager Digital marketed itself to customers, a spokesperson for the agency said.

In global news this week, the European Central Bank weighs in on fractured crypto regs, China's digital wallets come to Qatar, Amazon brings buy now/pay later to Egypt, and more.

The nine banks in the group are experimenting with lending, secondary market and payments activities on the Provenance blockchain as they seek ways to perform basic banking tasks more efficiently.

The Singapore-based crypto lender that announced a freeze on withdrawals on Monday said it has signed a tentative agreement to be acquired by rival Nexo.

FTX US, the crypto exchange co-founded by the billionaire Sam Bankman-Fried, signed an agreement with BlockFi that includes an option to purchase the crypto lender for as much as $240 million. 

"It's probably the only asset class where maybe the client knows more than the advisor right now," Maxwell Lane, head of product for Flourish, said at Financial Planning's Invest conference.

FTX, the digital-asset exchange co-founded by Sam Bankman-Fried, is nearing an agreement to buy BlockFi after extending a credit line to the beleaguered crypto lending platform, according to people familiar with the matter.