Around the block

Special Commentary

May 6, 2022

Monthly cryptocurrency and blockchain-related highlights from the Truist Investment Advisory Group

Off the block

Cryptocurrency regulation remains in the spotlight. In recent days, New York and California have offered alternative approaches that could impact future innovation in digital assets.

  • The New York State Assembly passed a bill proposing a 2-year ban on new crypto mining facilities that do not use renewable sources of energy. If signed into law, it could potentially prompt digital asset innovators to look elsewhere to locate new operations.

  • Alternatively, California has issued an executive order that solicits feedback around the benefits and risks of a comprehensive regulatory framework. The order also specifically “aims to create a pipeline of talent for the emerging industry” targeting responsible innovation in Web 3.0 technology, the next iteration of the internet. This will raise the bar for other states vying to attract new industry and talent.

Industry developments

  • Fidelity plans to offer bitcoin through their 401(k) platform later in 2022 and has also opened the Fidelity Stack virtual office in the metaverse offering client education.

  • Tesla (TSLA) is collaborating with Block (SQ) and Blockstream to provide clean energy for bitcoin mining in Texas using their Megapack batteries. 

Regulatory developments

  • On April 7, the FDIC issued a notice requesting FDIC supervised institutions to disclose their intent regarding engagement in crypto-related activities.

  • The SEC revealed they will nearly double the size of their crypto and cyber security enforcement team focusing on possible securities law violations. services.

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