House Financial Services Committee Chair Patrick McHenry (R-NC), digital asset subcommittee chair French Hill (R-AR), and five other subcommittee chairs have sent a letter to Securities and Exchange Commission Secretary Vanessa Countryman expressing concerns about the agency’s proposed advisory clients custody rule. The letter says that the rule “would have an outsized impact on digital asset market participants.”

According to an EU official, new rules allowing tax authorities to share data related to individual crypto holdings have unanimous support from member states which means that a formal agreement to move forward on the law is likely to come to fruition in the near future. The rules were proposed last year as an amendment to the Directive on Administrative Cooperation.

The U.S. Chamber of Commerce has filed an amicus brief in support of Coinbase’s complaint filed in federal court on April 25. The Chamber criticizes the SEC for its “haphazard, enforcement-based approach” to regulating the crypto industry and states that the agency “has deliberately muddied the waters by claiming sweeping authority over digital assets.”

A Manhattan federal judge has sentenced a former Coinbase manager to two years in prison for engaging in insider trading with his brother and a friend, which allowed them to receive $1.5 million in illegal profits. This is the first crypto insider trading case ever charged according to the Manhattan U.S. attorney’s office.

President Biden tweeted that instead of cutting funds for government functions, Congress should eliminate “tax loopholes that help wealthy crypto investors” as part of ongoing negotiations to address the debt limit. In response, Republican members of Congress including Sens. Cynthia Lummis (R-WY) and Thom Tillis (R-NC) said this would be an ineffective revenue tool and they oppose such a move.

Crypto platform Bittrex filed for Chapter 11 bankruptcy in Delaware federal court after shutting down U.S. operations on April 30 because of what it has deemed a hostile regulatory environment in the U.S. The company is facing a lawsuit from the SEC which alleges that the company operates as an unregistered securities platform. Its operations will continue as usual for customers outside of the U.S.

Coinbase’s chief legal officer, Paul Grewal, has sent a letter to the SEC urging the agency to make revisions to its proposed rule 223-1, which pertains to the responsibilities of registered investment advisers when holding client assets with qualified custodians. The letter says that the rule particularly targets crypto companies and calls for removing a ban on RIA client trades on cryptocurrency exchanges, among other requests.

New York Attorney General Letitia James announced that she has introduced a bill, the Crypto Regulation, Protection, Transparency and Oversight Act, or CRPTO, that would grant the New York Department of Financial Services stronger authority to regulate digital assets including enforcement power to issue subpoenas, impose civil penalties for crypto firms violating state law, and shut down companies allegedly involved in fraud or illicit activities.

The White House has released a U.S. government national standards strategy for critical and emerging technology. In the document, eight technology sectors are identified that will have a significant economic impact in the near future. Among the technologies are artificial intelligence, communication and network technologies, and biotechnology and semiconductors, as well as the notable inclusion of distributed ledger technology (DLT) and digital identity infrastructure.