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US crypto regulation tightens amid federal gridlock

Tuesday, April 11, 2023

Significance

While not as scathing as a broader March report from the White House on cryptos, it adds another drumbeat to the Biden administration's hardening attitude to crypto regulation since the spectacular collapse of Sam Bankman-Fried's FTX group last November.

Impacts

  • The SEC and CFTC will use the crackdown on cryptos to assert their primacy in regulating the sector.
  • More states will follow Florida in opposing a central bank digital currency as a 2024 election issue.
  • Bitcoin hitting its highest value against the dollar in seven months in March raises hopes that the latest 'crypto winter' is ending.

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