(1) On June 7, U.S. senators released a long-awaited crypto bill. This final version of the bill gives a clearer definition of what digital assets are to be classified as commodities and be regulated by the Commodity Futures Trading Commission. Under this definition, cryptocurrencies such as Bitcoin and Ethereum, as well as fully decentralized cryptocurrencies or cryptocurrencies that don’t act as a security issued by a company as debt or equity or provide any privileges such as rights to profit.
https://fortune.com/2022/06/07/digital-assets-cryptocurrencies-lummis-gillibrand-regulation-bill/
(2) On June 8, crypto regulators in New York published a formal stablecoin guidance to “protect” investors and financial institutions.
Stablecoins traded in New York must be fully backed by assets that are segregated from the issuer’s operational fund and regularly undergo auditing. If the stablecoins are pegged to the U.S. dollar, they must be fully backed by specific assets: (1) a reserve composed of U.S. Treasury bills with no more than three months to maturity, (2) U.S. Treasury notes, some types of U.S. Treasury bonds or (3) reverse repurchase agreements that are collateralized by Treasury bills.
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