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At the beginning of 2022, the Biden administration did not know what steps it would take regarding cryptocurrency regulation.
Is cryptocurrency benefiting minority communities by expanding financial access? Is it a dangerous new technology that needs to be curtailed? Perhaps somewhere in between?
By the end of the year, the administration had an answer. The tone of the Biden administration has sharpened significantly, with banks looking to dip their toes in the water largely warned against pursuing crypto-related lines of business.
This change will bring instability to 2023. Some banks, like the Bank of New York Mellon, are making efforts to store cryptocurrencies without the enthusiastic backing of regulators. Other banks that have based their business model on cryptocurrency partnerships face tougher market conditions.
Meanwhile, regulators and lawmakers are looking for their pound of meat after the epic collapse of cryptocurrency exchange FTX and its founder Sam Bankman-Fried.
Below is a look back at crypto policy decisions for 2022.
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