Musing On Crypto Christmas In July

Bitcoin. Golden digital cryptocurrency sign in the white gift box with red tied bow. The best gift ever. 3d illustration isolated on the white background.gettyMany Americans across the country commemorated ‘Christmas in July’ last month. It would not be an exaggeration to note that the crypto industry marked the symbolic season with a most festive 31 days.

Festivus

On the last day of July, Securities and Exchange Commission Chair Paul Atkins and Commissioner Hester M. Peirce unveiled "Project Crypto” to create a pathway to make America the crypto capital of the world.

On the 30th day, the President’s Working Group on Digital Asset Markets released their report to usher in the Golden Age of Crypto.

The middle of July was branded as Crypto Week, which culminated in landmark stablecoin legislation being enacted into law.

Sleigh bells rang on the 1oth of July, as the U.S. Senate confirmed Jonathan Gould to serve as Comptroller of the Currency. However, the nomination of Brian Quintenz to Chair the Commodity Futures Trading Commission has faced multiple delays.

MORE FOR YOU## Stocking Stuffers

There were also quite a few crypto stocking stuffers throughout the month.

• The controversial crypto broker rule was finally officially eliminated by the U.S. Department of the Treasury and the Internal Revenue Service.
• The Federal Deposit Insurance Corporation, Federal Reserve Board, and the Office of the Comptroller of the Currency issued a joint statement on risk-management considerations for crypto-asset safekeeping. “The agencies recognize that crypto-asset custodians may provide other custody services while safekeeping crypto-assets.”
• Prosperity Now, Blockchain Foundation, Intersect Public Affairs launched a national, first-of-its-kind, research initiative funded by W.K. Kellogg Foundation to examine how CDFIs and MDIs, which serve rural and urban geographic areas, are assessing digital assets.

August is certainly stirring, but is expected to be a silent month for crypto with Congress taking off for summer recess.