- Key U.S. government officials and agencies announced several pro-crypto measures throughout July.
- The Securities and Exchange Commission launched “Project Crypto” to advance cryptocurrency adoption in the U.S.
- A major report released by the President’s Working Group aims to guide the U.S. into a “Golden Age of Crypto.”
- Landmark stablecoin legislation was enacted, and Jonathan Gould was confirmed as Comptroller of the Currency.
- U.S. agencies eliminated the crypto broker rule and issued guidance on crypto asset custody and related research initiatives.
U.S. regulators and lawmakers rolled out a series of initiatives in July designed to boost cryptocurrency adoption and clarify digital asset regulation across the country. The moves coincided with what some in the industry called a “festive” month for crypto policy activity, marked by new legislation, agency actions, and research efforts.
On July 31, Securities and Exchange Commission leaders announced “Project Crypto,” which they described as a clear pathway to position the United States as a leading hub for cryptocurrency activity. The day before, the President’s Working Group on Digital Asset Markets published a report outlining recommendations to help usher in what officials called a “Golden Age of Crypto.”
Midway through July, lawmakers enacted stablecoin legislation during a period labeled as “Crypto Week.” On July 10, the Senate confirmed Jonathan Gould as Comptroller of the Currency, but the nomination of Brian Quintenz to chair the Commodity Futures Trading Commission remained delayed.
The crypto sector also saw several regulatory updates. The U.S. Department of the Treasury and Internal Revenue Service eliminated the controversial crypto broker rule. Additionally, the Federal Deposit Insurance Corporation, Federal Reserve Board, and Office of the Comptroller of the Currency released a joint statement highlighting risk-management issues related to safeguarding crypto assets. The agencies acknowledged that custodians may offer other services in addition to holding these assets.
A research initiative was launched by Prosperity Now, Blockchain Foundation, and Intersect Public Affairs, funded by the W.K. Kellogg Foundation. It aims to examine how CDFIs and MDIs—which are financial institutions supporting both urban and rural communities—are approaching digital assets.
With Congress on summer recess in August, industry observers anticipate a pause in new crypto-related developments, following the active pace set in July.
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