The Briefing Memo

February 2025 - If you’re new here, welcome to The Briefing Memo, which features the latest insights and updates from The Venture Dept.

Policy Momentum Continues

It’s been an active few weeks in Washington, with significant developments shaping the leadership of financial regulators. New agency heads have been nominated for the SEC, CFTC, OCC, and CFPB, and we are now awaiting nominations for the FDIC and the Federal Reserve’s Vice Chair for Supervision. Notably, the nominees for the SEC, CFTC, and OCC bring substantial experience with digital assets, signaling promising engagement with the crypto space. Agencies are also rolling out new priorities and initiatives, and Congress is making progress on stablecoin legislation.

• February 2-4, 2025: SEC and CFTC Shift Focus from Regulation by Enforcement (CFTC Announcement) – Both regulators are moving away from regulation by enforcement, with the SEC tightening oversight of investigations to align with formal agency priorities, and the CFTC reorganizing its enforcement division to focus on fraud prevention and market integrity.

• February 4, 2025: David Sacks Hosts Press Conference on Digital Asset Strategy – David Sacks, the White House cryptocurrency advisor, outlined the administration’s vision for U.S. leadership in digital assets, highlighting plans for regulatory clarity, innovation-friendly policies, and upcoming legislative efforts to strengthen the nation’s role in the global crypto economy.

• February 4, 2025: Senator Bill Hagerty Introduces the GENIUS Act – A bipartisan bill establishing a framework for payment stablecoins, including licensing procedures for issuers. The STABLE Act of 2025 was introduced by House Republicans on February 6 and a proposal from Ranking Member Maxine Waters on February 10. Cap Hill Crypto provides a good comparison of these here.

• February 4, 2025: Hester Peirce Outlines SEC’s Crypto Task Force Goals – Commissioner Hester Peirce announced the SEC’s new Crypto Task Force, emphasizing the importance of developing a clear and consistent regulatory framework to foster innovation.

• February 6, 2025: FDIC Releases Documents on Crypto Supervision – The FDIC published 175 documents detailing its supervisory approach to crypto-related activities, highlighting past practices, transparency efforts, and plans for updates to better support safe engagement with digital assets.

• February 7, 2025: CFTC Announces Crypto CEO Forum to Launch Digital Asset Markets Pilot – The CFTC is convening a CEO Forum with industry leaders to launch a pilot program exploring tokenized non-cash collateral, such as stablecoins, to drive innovation and regulatory clarity in digital asset markets.

• February 11, 2025: President Trump Nominates Brian Quintenz as CFTC Chairman and Jonathan Gould as Comptroller of the Currency – Nominations of Brian Quintenz, a prominent figure in crypto policy, to lead the CFTC, and Jonathan Gould, an experienced OCC official, as Comptroller of the Currency. Both are expected to bring expertise to crypto-related regulatory efforts. Additionally, Jonathan McKernan was nominated as CFPB Director.

• February 12, 2025: Federal Reserve Governor Christopher Waller Highlights Stablecoins – Governor Waller advocates for thoughtful regulation of stablecoins, underscoring their role in modernizing payment systems.

Department updates

• Department LP Advisor Ji Kim Testifies at House Hearing on Digital Assets – Department LP Advisor Ji Kim, President and Acting CEO of the Crypto Council for Innovation, provided key insights during the House Financial Services Committee hearing titled “A Golden Age of Digital Assets: Charting a Path Forward.” The session focused on fostering innovation, ensuring consumer protection, and creating a clear regulatory framework for the growing digital asset sector. Kim’s testimony highlighted the importance of balancing regulation with industry growth to maintain the U.S.’s leadership in the digital asset economy.

• Matt participated in the Aspen Institute’s Leadership Forum on Inclusive Finance where he spoke about wealth building opportunities associated with digital assets and caught up with LP Advisors David Ehrich and Melissa Netram, as well as other friends and colleagues. He also participated in New York State’s Emerging Manager conference hosted by New York State Comptroller Thomas Di Napoli.

What we’re reading and listening to

• Gemini and Glassnode: 2025 Crypto Market Trend Report – A comprehensive report analyzing key crypto trends, including Bitcoin and Ethereum performance, futures momentum, and regional adoption patterns.

• Wired: The Untold Story of a Crypto Crimefighter’s Descent Into Nigerian Prison – A gripping account of former IRS special agent Tigran Gambaryan’s work in crypto investigations and his detention in Nigeria, highlighting the risks of crypto enforcement in volatile regions.

• Archetype: Cryptorails – Superconductors for Payments – An insightful exploration of how blockchain technology is revolutionizing payment systems through faster settlements, reduced fees, and seamless cross-border transactions.

• Nikhil Raghuveera (Predicate): On-Chain Policies for Decentralized AI Agents – A thoughtful post discussing how guardrails, implemented through pre-transaction policies, can ensure accountability and trust in decentralized agents while supporting scalable and secure digital infrastructure.

On the horizon

• February: Matt will be speaking at the Politics of Fintech Innovation Summit on February 27 in New York City alongside Bradley Tusk, Troy Parades, Katie Neal, Brian Whitehurst, Jasleen Kaur, and others. The event, hosted by Lynx Collective Co-Founders Andrew Chang and Dorothy Chang, will focus on navigating political and regulatory shifts in fintech. You can find more information about the event and register here.

• March: Matt will be speaking at The Digital Asset Summit (March 18 to 20) in NYC. You can find more information on the summit here: https://blockworks.co/event/digital-asset-summit-2025-new-york.

• May: Matt will be speak at Stablecon on May 29 in NYC. You can find more information about the event here: https://www.stablecon.com/.