Cryptocurrency

July 07, 2023 | The American Prospect

Timi Iwayemi

Op-Ed CryptocurrencyFinancial RegulationTreasury Department

Secretary Yellen, Where Are the Crypto Tax Regulations?

Despite this, Janet Yellen’s Treasury Department has yet to formalize the regulations that would usher in this new reporting regime. The initial expectation was to have Treasury provide the new guidance by the end of 2022, allowing reporting changes to begin with transactions completed in 2023. However, despite approval of the proposed regulations by the Office of Information and Regulatory Affairs in February (the usual stumbling block in this sort of proceeding), the department has yet to publish the regulations.

May 30, 2023

Henry Burke

Blog Post

CryptocurrencyEconomic PolicyLarry SummersTech

Being A Board Member Is Hard, Just Ask Larry Summers

Former Secretary of the Treasury Larry Summers recently learned that making business decisions can be hard even if you’re an economist. Or, alternatively, Summers has again proven to be a real-life embodiment of an economic “rational individual;” willing to do whatever maximizes his personal interests, regardless of broader consequences. If true, this further demonstrates why the press needs to end their reliance on Summers for economic speculation – because his judgment is for sale.

May 10, 2023

Julian Scoffield

Blog Post CryptocurrencyFinancial Regulation

What The SVB Collapse Says About Crypto’s “Most Stable” Stablecoin

The March 2023 collapse of Silicon Valley Bank (SVB) — aside from foregrounding the hypocrisy of neoliberal pundits and libertarian venture capitalists alike — spotlighted the instability of the cryptocurrency industry’s most ostensibly stable offering. Hidden within the uncertainty of SVB’s fate following a $42 billion withdrawal frenzy was a similar crisis of confidence for Circle Internet Financial and its stablecoin, USD Coin (USDC).

March 15, 2023

Timi Iwayemi

Press Release CryptocurrencyEthics in GovernmentFederal ReserveFinancial RegulationFintech

RELEASE: Michael Barr's Fintech Partnerships May Cloud Judgment Of SVB Autopsy

As of now, Barr is assigned to investigate supervisory failures that occurred under his watch featuring a bank that catered in particular to the crypto and fintech industries which Barr was so active in immediately prior to revolving back into government. Barr is a walking conflict of interest. His central role in the investigation is damning

November 23, 2022 | The New Republic

Timi Iwayemi Dylan Gyauch-Lewis

Op-Ed Congressional OversightCryptocurrencyFinancial RegulationIndependent Agencies

Don’t Fall for FTX’s Final Con

The FTX disaster should be all the impetus needed to kill off any new crypto industry–approved legislation. Instead, we need Congress to provide material support for financial regulators in the form of increased appropriations to guard against the next collapse. Much of the crypto industry is already subject to laws—the very ones that the SEC seeks to enforce and that the crypto industry broadly (not just Sam Bankman-Fried) seeks to evade by reducing the SEC’s jurisdiction ex post facto. Both the CFTC and SEC urgently need funds to fulfill their mandates. Crypto stretches these needs even further, but the need has existed for years. For decades, financial crimes have too often gone unpunished. This wasn’t for a lack of rules, but a lack of will, funds, and people willing to enforce them. Crypto doesn’t need special treatment, it needs to face the music.

November 18, 2022 | Revolving Door Project Newsletter

Hannah Story Brown

Newsletter

ClimateCryptocurrency

To Dispel a Mirage

The political world is looking altogether different today than it did last week. With the midterm vote counts and global climate conference wrapping up, while one billionaire throws lighter fluid on the long-smoldering fire that is Twitter1 and another billionaire-no-longer’s crypto exchange goes up in smoke, attention is spread thinner than Lauren Boebert’s apparent margin of victory. (The race is headed to a recount.)