'Although the contagion hasn’t spread into mainstream financial markets, policymakers fear that it could,' Director of Gattaca Horizons Laura Navaratnam writes, discussing the regulatory advancements that could remake crypto. Opinion PolicyWeek
So what for 2023? The crypto market is continuing to feel the aftershocks. Although the contagion hasn’t spread into mainstream financial markets, policymakers fear that it could. We therefore look set to witness a 2023 marked by regulatory intervention.In the U.S., we will likely see a continued and strengthened differentiation between different categories of digital assets.
Although a relief for many in the crypto industry, the executive order still left the door open for more detailed policy proposals to be brought up through legislation. Most notably, the Digital Commodities Consumer Protection Act , the bill championed by none other than Sam Bankman-Fried, remains in progress.
Moreover, it is noteworthy that long-time crypto skeptic and chair of the Senate Banking Committee, Sen. Sherrod Brown recently sent U.S. Treasury Secretary Janet Yellen aexpressing, for the first time, his willingness to work on crypto legislation. We could finally see bipartisan agreement in 2023 on key issues surrounding stablecoins and broader digital asset oversight and potential regulatory clarity on the allowable limits of banks seeking to engage with crypto.
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