Crypto regulations made strides this year, and 2023 may see some of the proposed rules actually take effect. CoinDesk's policy team explains what people should watch for this upcoming year. nikhileshde writes in this week's State of Crypto newsletter.
Can you believe this year started off with U.S. law enforcement officials arresting two individuals in connection with the 2016 Bitfinex hacked funds? For this week’s newsletter, the 102nd since we first launched in 2021, I asked CoinDesk’s Policy Team what they’re looking out for this upcoming year.
Whether crypto exchange customers can expect their personal information to remain redacted, should the provider enter bankruptcy, will continue to be a growing question for courts. This year we saw that question arise with companies like Celsius and FTX. Judges initially allowed the companies to file their creditors’ information under seal, but Celsius later released the names and holdings of all of its customers, while FTX is currently going through hearings about the same issue.
That being said, it’s hard to say this year was anything but a black mark for the industry in the eyes of regulators. The collapse of Terra/Luna, the bankruptcies of basically the entire crypto lender sector , the meltdown of FTX – these are all events that will pressure regulators worldwide. The Facebook -led Libra project and the global backlash to it tells us how regulators may respond as well.
The cross-border nature of crypto warrants global cooperation on regulations, international bodies like the International Monetary Fund and the Financial Stability Board have said. The push for global standards for crypto only intensified as the markets went from bad to worse this year.
The new Congress may take a while to settle in during 2023, so it could be months before the Senate and the House of Representatives will find common ground on crypto. The effort that may be farthest along is the House Financial Services Committee’s bipartisan stablecoin regulation bill, so that relatively narrow legislation could test whether crypto is among the limited range of issues that a divided government can move forward on.
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