As readers of this newsletter should know all too well, the U.S. is lagging when it comes to crypto regulation. Brazil recently advanced a governmental decree to establish its central bank as the primary regulator, the European Union formally signed its Markets in Crypto Assets regulation into law, and even Hong Kong is pressuring banks to accept crypto exchanges as clients.
Thanks to the toxic fallout of FTX, the U.S. has dragged its feet after appearing set to advance several bipartisan efforts at the end of last year. After Republicans took control of the House Financial Services Committee, tasked with securities regulation and oversight of the Securities and Exchange Commission, Democrats in the body expressed surprising reluctance on even low-hanging fruit like stablecoin regulation.
