Thread by @CaitlinLong_

1/ IT'S CLEAR a US #crypto regulatory crackdown is starting but I'm optimistic bc most of the major players/agencies have spoken already & the policy is taking shape: it's "pay taxes, comply w/ laws & don't take shortcuts, & we'll enable the innovation." It's NOT a "#bitcoin ban"

2/ A clear chronology:🧐
* Fed releases pymt system access guidelines (5/5)
* SEC warns abt #bitcoin futures (5/11)
* Binance IRS/DOJ story in Bloomberg (5/13)
* IRS article in WSJ=warning to pay taxes (5/14)
* FDIC ice thaws--it issues its first RFI (5/17)
...continued👇...

3/ ...continuing:
* OCC says reviewing all prior #crypto bank actions (5/18)
* Senate Banking Chairman warns OCC to clamp down on trust bank charters (5/19)
* Treasury Sec Yellen announces big IRS tax compliance push (5/20)
* Fed's Powell plans paper on payment innovation (5/20)

4/ Spot pattern? News almost every day. Theme=COMPLIANCE
- it's "pay taxes, comply w/ laws & don't take shortcuts," NOT a ban
- nothing yet from FinCEN, CFTC or FTC (& nothing on #stablecoins), but pretty much all other DC regulators have now spoken.
- "no shortcuts" part=OCC...

5/ ...OCC: no more shortcuts to bank charter/Fed access + doing a full review of prior OCC #crypto actions. Net-net, for now this could pause big banks' activity that was coming in #bitcoin
- #Wyoming #SPDI banks were designed to comply w/ all of these announcements so prob OK

6/ SUMMARY: It may not yet be over, but the pattern is pretty clear: it's a compliance crackdown for sure, but path for "responsible innovation" in US does seem to remain open.👀

7/ I MISSED THIS PART EARLIER--the Fed fired a warning shot about #stablecoins today, from Jay Powell himself. It's consistent w/ the theme--comply w/ laws & don't take shortcuts (i.e., get fully regulated as a bank & pay the full regulatory freight):
federalreserve.gov/mediacenter/fi…