G7 to push for tighter regulations, joint position on cryptocurrencies by May Cryptocurrencies
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The G7 summit provides the highest-profile stage for the largest and most developed democratic economies to frame a shared narrative about cryptocurrencies since the collapse of FTX, the second-largest crypto exchange, in November. The bankruptcy of FTX and the resulting contagion and further devaluation of the broader digital assets ecosystem have put pressure on many governments, and on G7 governments in particular, to crack down on crypto fraud, provide clear regulatory guidelines, or both.
The United States, which has yet to decide whether cryptos are securities, commodities, a combination of the two, or something else entirely, has seen its Securities and Exchange Commission lead a frontal assault on crypto exchanges, stablecoin issuers, and banks that support crypto firms. On the international front, the Switzerland-based Financial Stability Board released a set of recommendations in October which place crypto assets within the same regulatory framework as commercial banking activities, and they plan to release the final version of their framework in July.
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