On June 7, 2022, Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) unveiled their long-awaited bipartisan framework to overhaul the regulation of cryptocurrencies, including by defining most digital assets as commodities and granting the CFTC significant authority to regulate digital assets that do not qualify as securities under the Howey test.

In a complaint filed on June 7, 2022, Wyoming-based Custodia Bank accused the Federal Reserve of illegally delaying a decision on Custodia’s October 2020 application for access to critical payment systems offered to other banks.

The SEC has announced fraud charges stemming from unregistered offerings and sales of investment plans called mining packages, which promised investors signficant returns. 

The SEC announces an additional 20 positions dedicated to the unit responsible for bringing enforcement actions related to crypto markets and cyber-related threats. 

On April 27, 2022 the Acting Comptroller of the Currency, Michael Hsu issued a statement suggesting that the government should work together with the cryptocurrency industry and academics to develop uniform standards for stablecoins.

IOSCO, an international association of securities regulators which and includes the SEC and CFTC in its membership, just issued a Report about DeFi which may impact future legislation and regulation

On February 9, 2022, CFTC Chair Rostin Behnam made a fresh appeal to Congress to grant his agency expanded authority to oversee crypto markets and provide $100 million in additional funds.