ChainReg 20: Digital Yen, Digital Euro move forward; Crypto restrictions growing

Plus, new data from the Fed, the US Treasury, and the European Systemic Risk Board provide clues about policy directionality

Welcome to ChainReg 20….a weekly podcast that uses a data-driven approach to spot trends and tensions within the policy process regarding digital currencies.  From crypto to stablecoins to CBDC, we take the pulse of the policy process every week and share our findings.

Policymakers are sprinting to the half-year mark with a series of technical regulatory proposals regarding the crypto sector paired with intensifying CBDC issuance preparatory initiatives.  Last weekend’s Memorial Day holiday means today’s edition covers two weeks of activity which brings the added benefit of perspective. 

Some volume-based data provides a good sense of the breadth and depth of the policy engagement in this space over the last two weeks,

·        FOUR global standard-setting groups released significant crypto regulatory proposals

·        TWO reserve currency central banks released significant information regarding their CBDC issuance plans (the total increases to FOUR if we count the Italian and German central banks separately from the ECB)

·        SIX policymaking entities (evenly split between the EU and the US) announced new initiatives for the ongoing crypto crackdown

·        TWO major US policymaking entities released statistical data for the purpose of highlighting systemic risk issues raised by cryptocurrency intermediation.

Mired in the debt ceiling dramas, policymakers in both the House and the Senate have gone silent regarding legislation in this area. 

Listen to the Podcast Version

ChainReg 20: Digital Yen, Digital Euro move forward; Crypto restrictions growing