Stablecoins could have a place in the U.S. financial services sector if appropriate regulation is put in place, Federal Reserve Chairman Jerome Powell said on Tuesday at a hearing before Congress. “We don’t want to stifle innovation,” Powell said during his semiannual report to the Senate Banking Committee. “We don’t want regulation to stifle innovation in a way that just favours incumbents and that kind of thing.” (forkast)

Stablecoins are a type of cryptocurrency offering investors price stability. The most popular stablecoins are those backed by the United States dollar — the world’s leading reserve currency. Others are less popular and not widely used, so many may not have heard of alternatives if they haven’t searched for them.

A federal judge’s recent ruling in Manhattan that claims Dapper Labs’ NBA Top Shot NFTs may be unregistered securities shows U.S. government regulations could be coming to the multi-billion dollar NFT market.

The Chair of the Securities and Exchange Commission (SEC), Gary Gensler, recently revealed that the lack of clear crypto regulations in the United States is causing most digital assets, excluding Bitcoin, to be considered unregistered securities.

New waves of cryptocurrency regulation are usually brought about following some form of incident within the cryptocurrency market.

Indian Finance Minister Nirmala Sitharaman has stressed the importance of international cooperation in order to regulate the crypto sector. She also confirmed that Indian regulators’ crypto awareness campaign will continue to alert people about the risks of investing in crypto. “The reason is they can be anywhere but operated in India or they can be in India but operated somewhere else,” the Indian finance chief added. (Bitcoin.com)

The backdrop of challenges and rapid growth arguably made 2022 the busiest year to date for crypto policymaking, accelerating the need for regulatory clarity to protect consumers.

The Commodity Future Trading Commission is "well positioned" to address regulatory gaps in the crypto market, according to CFTC Chair Rostin Behnam. 

A commissioner with the U.S. Securities and Exchange Commission (SEC) has called for “a coherent and consistent legal framework that works across all asset classes,” including crypto assets. She warned that the SEC’s current enforcement-centric approach would take 400 years to go through all the crypto tokens that are allegedly securities. (Bitcoin.com)

Hong Kong’s legislative council has <a href="https://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2022/20221207e1.pdf" target="_blank">added</a> a new amendment to the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 to accommodate the cryptocurrency industry.