Can This Congress Act on Crypto?
Plus, Revolut continues to spin out.
Number of the Week: -65% (explanation below)
Can This Congress Act on Crypto?
Measured by the sheer volume of hearings, May is probably the heaviest month in the history of the US Congress trying to address cryptocurrency and digital assets. Consider:
On May 10, the House Financial Services Committee and Agricultural Committee held their first joint hearing on digital asset regulation.
On May 16, the Senate Banking Committee grilled former senior officials at the failed Signature and Silicon Valley Banks, two crucial institutions in the financial ecosystem of digital assets.
On May 18, the new House Subcommittee on Digital Assets, Financial Technology and Inclusion held its first hearing on stablecoin regulation.
The May 10th and 18th hearings were characterized by a civility that hasn’t always reigned over hearings on these topics, but doesn’t necessarily ensure that any legislative progress is imminent.