The bankruptcy of crypto exchange FTX and the arrest of its former CEO San Bankman-Fried has had a lasting effect on the digital asset sector, for sure.
But it’s also made an indelible impact on the politicians and policy makers who are supposed to regulate the industry.
There was already a fire lit under some lawmakers when it comes to imposing regulations on crypto – Last year, President Biden issued an executive order (https://www.whitehouse.gov/briefing-room/presidential-actions/2022/03/09/executive-order-on-ensuring-responsible-development-of-digital-assets/) asking agencies to take coordinated action on digital assets. And in the summer, Senators Cynthia Lummis and Kristen Gillibrand issued a bipartisan crypto bill (https://www.bloomberg.com/news/articles/2022-06-07/sweeping-us-crypto-legislation-targets-stablecoins-mining) that, among other things, would step up oversight on stablecoins and crypto energy usage.
And then there is the ongoing battle between the Securities and Exchange Commission and the Commodities Futures Trading Commission – over whether cryptocurrencies are securities…. or commodities.
But with an ongoing wave of crypto bankruptcies linked to FTX, government officials are confronted with a new sense of urgency surrounding digital asset regulation.
Bloomberg reporters Allyson Versprille (https://www.bloomberg.com/authors/ASABP2XGsYo/allyson-versprille) and Lydia Beyoud (https://www.bloomberg.com/authors/ASMLkRWuLZQ/lydia-beyoud) join senior editor Mike Regan in this episode.
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Crypto is the world’s hottest financial trend. Digital tokens like Bitcoin and NFTs have moved from niche products to showing up in Super Bowl commercials and song lyrics. Advocates of these new asset classes promise they will democratize the finance industry, and they hail the blockchain technology that backs it all as the future of computing. Skeptics say it’s another financial house of cards. No newsroom on the planet is better equipped than Bloomberg to cut through all the noise and provide clarity, context and authority.
In this new daily podcast, Bloomberg’s reporting team will tease out what’s actually important in the crypto conversation. Led by crypto expert Stacy-Marie Ishmael, the podcast will draw on reporters in every region and credible voices in the industry to cover everything from regulation to alt coins to DeFi, and even the environmental impact of the currency that promises to change the finance landscape indefinitely.
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