Hester Peirce and SEC Acting Chair Mark Uyeda say they want to group to devise a clear compliance framework for digital assets and end regulation by enforcement.

China currently dominates the market for the hardware and software used to mine cryptocurrency. Creating a large federal reserve would expose a major U.S. asset to potential Chinese meddling.

The avalanche of cases announced Friday included charges against a no-longer registered advisor and firm accused of misappropriating more than $20 million from clients.

A one-page outline of priorities for Trump's inauguration day obtained American Banker includes financial policy items, including firing Consumer Financial Protection Bureau Director Rohit Chopra, issuing a "reset" of that agency and designating crypto as a "national priority."

The bank, which owns a minority stake in Viva Wallet, can take over the company in June if its valuation falls before a certain level — which has resulted in a legal dispute with Haris Karonis, the fintech's owner. That and more in American Banker's weekly global payments roundup.

It's no accident that national banks have, so far, been insulated from major crypto disasters. Congress and the incoming administration should take heed and avoid eliminating the guardrails that have kept banks safe.

Leadership appointments and an influx of new crypto-friendly lawmakers suggest the 119th Congress could be the most fintech and crypto-friendly in years.

The Consumer Financial Protection Bureau issued an interpretive rule and a separate request for information aimed at Big Tech companies, digital payments and crypto assets.

Rep. Bill Huizenga, R-Mich., will take the No. 2 spot on the House Financial Services Committee, while Reps. Bryan Steil of Wisconsin, Dan Meuser of Pennsylvania and Mike Flood of Nebraska are elevated to subcommittee leadership.

The future of bitcoin isn't a winner-takes-all scenario where it either replaces the existing financial system or fails entirely. Instead, it's evolving into a multifaceted financial technology.