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Federal cryptocurrency bills and other crypto news this week

Illustration: Rebecca Zisser/Axios

Ohio continues its efforts to attract cryptocurrency entrepreneurs with $100 million in new funding for startups, but that's not all of the important industry news this week.

Catch up quick: U.S. congressmen introduced bills to protect from cryptocurrency price manipulation, Venezuela will sell oil for Petro cryptocurrency in 2019, and a new document shows that the U.S. government is interested in tracking privacy coins.

U.S. congressmen introduce bills to protect from cryptocurrency price manipulation (Rep. Darren Soto, D-Fla., website)

  • Why it matters: The bills aim to address two critical issues: price manipulation, which has been one of U.S. regulators' biggest concerns, and whether U.S. regulations are enabling innovation compared to other countries. These are only the latest efforts in Congress to get regulatory clarity and move the digital currency industry forward.

Venezuela to sell oil for Petro cryptocurrency in 2019, says Maduro (CoinDesk)

  • Why it matters: Venezuelan President Nicolás Maduro has been pushing the country's cryptocurrency, the Petro, which is pegged to its oil and mineral reserves. Maduro's plan to move all oil sales to the cryptocurrency is an attempt to sidestep U.S. sanctions on the country.

U.S. government interested in tracking privacy coins, new document shows (CoinDesk)

  • Why it matters: Documents from the Department of Homeland Security show the agency wants to find ways to track digital tokens specifically designed with heightened privacy features in case of illegal activities. The agency's interest isn't a surprise — several years ago, federal agents analyzed bitcoin transactions to catch corrupt colleagues.

Go deeper

Alayna Treene, author of Sneak Peek
26 mins ago - Politics & Policy

McConnell drops filibuster demand, paving way for power-sharing deal

Senate Majority Leader Chuck Schumer (R) and Minority Leader Mitch McConnell attend a joint session of Congress. Photo: Olivier Douliery/AFP via Getty Images

Senate Minority Leader Mitch McConnell has abandoned his demand that Democrats state, in writing, that they would not abandon the legislative filibuster.

Between the lines: McConnell was never going to agree to a 50-50 power sharing deal without putting up a fight over keeping the 60-vote threshold. But the minority leader ultimately caved after it became clear that delaying the organizing resolution was no longer feasible.

Go deeper (1 min. read)Arrow
Ashley Gold
2 hours ago - Technology

Scoop: Google won't donate to members of Congress who voted against election results

Sen. Ted Cruz led the group of Republicans who opposed certifying the results. Photo: Stefani Reynolds/Pool/AFP via Getty Images

Google will not make contributions from its political action committee this cycle to any member of Congress who voted against certifying the results of the presidential election, following the deadly Capitol riot.

Why it matters: Several major businesses paused or pulled political donations following the events of Jan. 6, when pro-Trump rioters, riled up by former President Trump, stormed the Capitol on the day it was to certify the election results.

Go deeper (<1 min. read)Arrow
Alayna Treene, author of Sneak Peek
2 hours ago - Politics & Policy

Minority Mitch still setting Senate agenda

Illustration: Aïda Amer/Axios

Chuck Schumer may be majority leader, yet in many ways, Mitch McConnell is still running the Senate show — and his counterpart is about done with it.

Why it matters: McConnell rolled over Democrats unapologetically, and kept tight control over his fellow Republicans, while in the majority. But he's showing equal skill as minority leader, using political jiujitsu to convert a perceived weakness into strength.

Go deeper (2 min. read)Arrow