The Breakdown

The latest target of SEC animosity is *checks notes* auditors?! On this edition of the Weekly Recap, NLW covers the SEC's auditing warning; an AML bill passage; Binance asking for CFTC suit to be dismissed; Sequoia reducing their crypto fund size.

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Crypto's big policy week continued with the House Financial Services Committee advancing stablecoin legislation after a torturous 12-hour markup session.

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It was the first time that standalone Crypto legislation has made it out of the committee process. NLW covers the House Financial Services Committee markdown for the crypto market structure bill, including some tense moments and the defection of 6 (young) Democrats to vote to advance the legislation.

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The Federal Reserve has again raised interest rates -- this time to a 22-year high. NLW explores the discussion around the raise and why market observers are moving back to watching real economic data rather than Fed whispering.

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NLW looks at the SEC's hints around a potential Ripple appeal, plus more around Worldcoin and SBF behaving badly.

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Worldcoin is live and the crypto community has feelings.

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A two-part Long Reads Sunday on crypto custody and the fallout of crypto's regulatory battles.

Reading:

Not All Crypto Custody Is Created Equal - Chen Fang

Why Nasdaq Backing Out of Custody Is Bad, Bad News for Crypto - Daniel Kuhn

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On this edition of the Weekly Recap, NLW looks at the Federal Reserve's launch of FedNow and explores the community discussion of whether it amounts to a Trojan Horse for an eventual central bank digital currency.

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This week saw a number of crypto-related legislation introduced in Congress -- sometimes as amendments to other important bills. NLW breaks down why some think at least one of them amounts to a soft DeFi ban in the US.

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SEC Chair Gensler is being assailed on all sides from Democrats and Republicans alike -- and not just about his crypto policies! NLW breaks down the news and asks what it means as we move into election season.

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