The Week in Crypto Policy: Fall Preview

Key Insights

• While votes on crypto legislation are likely on pause until after the election, September is expected to include Congressional hearings on DeFi, SEC oversight, and possibly more crypto-related issues.
• Uniswap Labs settled CFTC charges that it illegally offered leveraged or margined retail digital commodity transactions via a decentralized trading protocol, though two commissioners issued strongly worded dissents against the CFTC's action.
• The Federal Reserve is ordering United Texas Bank to strengthen its anti-money laundering compliance programs, after identifying “significant deficiencies” related to the bank's virtual currency customers and foreign correspondent bank accounts.
• Rep. French Hill (R-AR) once again called on the Nigerian government to release Tigran Gambaryan - a U.S. citizen, Binance executive, and former IRS employee - who is reportedly being denied medical care while being detained on money laundering charges that some U.S. lawmakers have described as “fabricated.”

Fall Preview

After a long August recess, Congress returns next week. Here's a look at what to expect on the legislative front during the final four months of the 118th Congress.