During the past week, crypto assets and virtual currency took center stage. The SEC and the CFTC both issued significant proposals on crypto matters as part of their efforts to create a federal regulatory framework after the Congress’s inability to pass the Clarity Act. Two more national trust bank charters that would engage in digital assets businesses were filed. FinCEN withdrew two proposals from 2020 and 2023 that dealt with convertible virtual currencies. At the state level, thirty-four states have taken enforcement action against a cryptocurrency firm, and New York and Wyoming have entered into an MOU to coordinate their supervision of virtual currency and digital asset activities. And, in a new, occasional Sports Section, we summarize two developments last week involving the treatment of prediction markets for sporting events.
Read the full detailed report in the PDF linked below: