The SEC has released final reporting rules for private equity firms and hedge funds. The proposed rules included a definition of digital assets, but this was dropped from the final rule. In August 2022, the SEC had proposed amendments to its Form PF, which would have required that digital assets be reported separately and proposed defining digital assets as assets “issued and/or transferred using distributed ledger or blockchain technology, including, but not limited to, so-called ‘virtual currencies’, ‘coins’, and ‘tokens.’ ” A footnote to the final rules says, “the Commission and staff are continuing to consider this term and are not adopting ‘digital assets’ as part of this rule at this time.”

Reps. Alexandria Ocasio Cortez (D-NY) and Matt Gaetz (R-FL), as well as several other members of their respective members, have introduced the Bipartisan Restoring Faith in Government Act, which would ban members of Congress and their spouses and dependents from trading or owning a number of financial instruments including securities, futures, commodities, and certain assets.

The White House Council of Economic Advisers published a blog highlighting the proposed “Digital Asset Mining Excise Tax” in President Biden’s budget proposal. The tax would equate to 30 percent of the cost of the electricity cryptocurrency miners use. The recent post on the tax closes by stating that, “To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed." It adds that this is part of an effort "to fight climate change, reduce energy prices, and increase access to electrified options for all Americans” and notes that the tax is estimated to bring in $3.5 billion in revenue over 10 years.

Reps. Warren Davidson (R-OH) and Mike Flood (R-NE) sent a letter to the Council of Economic Advisers seeking an explanation for the administration’s “Economic Report of the President,” published in March, which they say indicated “a hostile view towards the digital asset ecosystem.”

House Financial Services Committee Chair Patrick McHenry (R-NC) reportedly said at the Milken Institute Global Conference that he aims to pass a stablecoin bill and crypto market structure legislation out of committee by the end of June. The latter bill would be formulated with House Agriculture Chair G.T. Thompson (R-PA), as has been previously reported. He also expressed interest in working with bipartisan lawmakers in the Senate on legislation and said that he aims to proceed on the bills “before July 4.”

The SEC has announced that BTC company Coinme agreed to pay roughly $4 million to settle charges that it was party to an unregistered security offering.

SEC Chair Gary Gensler released a video stating that crypto companies “lack basic protections for consumers” and “crypto markets suffer from a lack of regulatory compliance…It’s not a lack of regulatory clarity.”

The CFTC has announced an order of default judgment and permanent injunction against Cornelius Johannes Steynberg of Stellenbosch, Western Cape, Republic of South Africa. The order requires Steynberg to pay $1,733,838,372 in restitution to defrauded victims and a $1,733,838,372 civil monetary penalty, which is the highest civil monetary penalty ordered in any CFTC case. This action is also the largest fraudulent scheme involving BTC charged in any CFTC case.

House Republicans including Financial Services Committee Chair Patrick McHenry (R-NC) wrote letters to Federal Reserve Chair Jerome Powell, FDIC chief Martin Gruenberg, and Acting Comptroller of the Currency Michael Hsu calling for information regarding what they are concerned are “potential coordinated efforts” to deny banking services to digital asset firms. The lawmakers put out a statement saying, “Today, we are seeing the resurgence of coordinated action by the federal prudential regulators to suppress innovation in the United States. There is no clearer example than in the digital asset ecosystem.”