For The Hill, I’m Naomi Jagoda. Write me at firstname.lastname@example.org or @NJagoda. You can reach my colleagues on the Finance team Sylvan Lane at email@example.com or @SylvanLane and Aris Folley at firstname.lastname@example.org or @ArisFolley.
Today’s Big Deal: Lawmakers and federal agencies are focused on how to regulate the cryptocurrency industry. We’ll also look at rising home prices and increased interest in Congress in strengthening cybersecurity.
Washington works to expand crypto oversight
Let’s get to it.
Americans have poured billions of dollars into cryptocurrencies and a wide array of blockchain-based financial platforms over the past year as the pandemic triggered an investment boom.
The cryptocurrency explosion has forced Washington to adapt federal financial rules to a quickly growing and changing industry.
While the crypto market has picked up steam steadily over the past decade, a surge of interest in the space and the rapid rise of decentralized financial networks has drawn fresh attention from regulators and lawmakers:
The Securities and Exchange Commission, Commodity Futures Trading Commission (CFTC), the Treasury Department and state money transmission licensers all share overlapping jurisdiction over parts of the crypto industry, which often leaves firms unsure about their regulatory obligations.
The SEC and CFTC have focused primarily on crypto firms and offerings that clearly violate general investor protection and anti-fraud laws. Democratic lawmakers and regulators in both parties have also expressed particular concerns with “stablecoins,” tokens tied to cash or other safer assets held by the coin’s issuer.
Read more from Sylvan here.
LEADING THE DAY US home prices up 18.4 percent in October
Phoenix, Tampa and Miami saw the highest year-over-year increase in October among the 20 cities included in the index, with all three cities seeing growth of more than 25 percent. Chicago, Washington, D.C, and Minneapolis saw the lowest year-over-year change of the cities on the list, with increases of just 11 to 12 percent.
This growth in home prices marked a slight drop from the 19.1 percent increase that was reported in September. Home prices in the U.S. rose by 18.4 percent on a year-over-year basis in October, according to the data from the S&P Dow Jones CoreLogic Case-Shiller 20-City Composite Home Price NSA Index released on Tuesday.