The Year of 2022 was supposed to be one of crypto regulation. Multiple CEOs, venture capitalists and trade groups for the industry globally had hired lawyers and lobbyists and prepared policy papers and blog posts. Over and over, they said the refrain: “we’re hoping for regulatory clarity.”
In the US, the Biden administration announced an Executive Order, [Ensuring Responsible Development of Digital Assets] calling for a national policy on digital assets. It required federal agencies to get their digital asset policies in order, but it lacked either teeth or specifics.
Individual US lawmakers across the political spectrum proposed their own bills on crypto asset regulation, some of which competed with or even contradicted each other.
Against this backdrop, things were going poorly for investors and the industry. Token prices plunged in value. One buzzy crypto company after another filed for bankruptcy - including FTX, which had sought to position itself as exceptional in every way. It’s now-former CEO Sam Bankman-Fried has since been arrested and is facing allegations of fraud and other crimes.
So: will 2023 be the year that crypto gets regulated? Bloomberg reporters Allyson Versprille and Bill Allison join to sort out where we are with regulation, and look ahead to what we’re likely to see in 2023.
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