This Year in Crypto: The Biggest Headlines from Each Month in 2022

The Good, the Bad & the Ugly

January

Crypto Crash Erases More Than $1 Trillion in Market Value

• With the Federal Reserve intending to withdraw stimulus from the market, riskier assets the world over have suffered. Bitcoin, the largest digital asset, lost more than 12% Friday and dropped below $36,000 to its lowest level since July.

Mastercard Strikes NFT Payments Deal with Coinbase Amid a Wave of Recent Crypto Partnerships

• As part of the agreement, Coinbase customers will be able to use Mastercard credit and debit cards to make purchases on the crypto exchange’s upcoming NFT marketplace. Coinbase unveiled late last year plans to launch the platform for minting and buying nonfungible tokens, which have exploded in popularity over the past 12 months.

Facebook’s Crypto Project Sold After Political Backlash

• The Diem Association — a group Facebook spearheaded to launch the Diem stablecoin — said Monday it will sell its intellectual property and assets to the California bank Silvergate, a go-to firm for the crypto industry.

February

Ukraine Gets $22 Million in Crypto Donations to Fight Invasion

• Cryptocurrency has provided a way for investors to quickly move funds to Ukrainian fighters.

Super Bowl Ads Mean Crypto Is Now Mainstream: Is Your Business Ready?

• One of the main talking points after this year’s Super Bowl was the number of commercials involving cryptocurrency, referred to by many within the crypto community as the “Crypto Bowl.” There were commercials from crypto exchanges Coinbase, FTX, Crypto.com, and eToro — while Canadian viewers also saw an ad for Bitbuy — as well as crypto references in commercials from TurboTax and Bud Light.

FBI to Form Digital Currency Unit, Justice Dept Taps New Crypto Czar

• The U.S. Justice Department has tapped a seasoned computer crimes prosecutor to lead its new national cryptocurrency enforcement team and announced on Thursday that the FBI is launching a unit for blockchain analysis and virtual asset seizure.

March

Biden’s New Executive Order on Crypto Is a Big Step in the Right Direction, Experts Say. Here’s What Investors Should Know

• With the signing of a new executive order on cryptocurrency, President Joe Biden officially directed federal agencies to implement a strategy for policies and regulations on digital assets like crypto, according to a White House fact sheet.

Goldman Sachs, Galaxy Digital Announce Milestone Over-the-Counter Crypto Trade

• Goldman is the first major U.S. bank to trade crypto over the counter, CNBC was first to report. The bank traded a bitcoin-linked instrument called a non-deliverable option with crypto merchant bank Galaxy Digital, the firms said.
• The move is seen as a notable step in the development of crypto markets for institutional investors. Compared with the exchange-based CME Group bitcoin products Goldman began trading last year, the bank is taking on greater risk by acting as a principal in the transactions, according to the firms.

Thailand Bans Crypto as Means of Payment

• The Thai SEC stressed it is only banning the use of crypto for payments and is not banning crypto trading and digital assets.

April

Treasury Secretary Janet Yellen Calls Crypto ‘Transformative’ in Wide-Ranging Speech

• The U.S. official addressed CBDCs, stablecoins and regulations.

UK Aims to Become Global Crypto Hub, Exchequer Says

• Among the initial steps will be legislation to recognize stablecoins as legitimate vehicles for payments.

Fidelity Investments Unveils a Crypto Option for 401(k) Plans

• The firm is preparing to launch a product that will allow bitcoin investments in workplace retirement accounts, despite concerns from the Department of Labor.

May

Terra Collapse Triggers $83 Billion Decentralized Finance Slump

• The collapse of one of decentralized finance’s most ambitious experiments has knocked more than $83 billion off the sector’s total value, as investors fled for safer havens.

Argentina’s Largest Two Banks to Allow Crypto Trading

• Argentina’s largest bank has embraced crypto and will allow its customers to begin purchasing four crypto assets including Bitcoin through their accounts at the bank.

Fidelity’s Crypto-Focused Business Plans Tech Hiring Spree

• Subsidiary aims to add 110 technology workers by year-end as it branches out to digital currencies beyond bitcoin, executive says

Gucci to Start Accepting Crypto Payments in Some U.S. Stores

• Gucci will accept payments in cryptocurrencies in the U.S. starting this month, as the luxury industry takes tentative steps into the digital-asset universe.

June

Crypto Hedge Fund Three Arrows Capital Plunges into Liquidation as Market Crash Takes Toll

• A slump in digital currency prices, which has seen billions of dollars wiped off the market in recent weeks, has hurt 3AC and exposed a liquidity crisis at the company.

PayPal Allows Transfer of Crypto to External Wallets

• PayPal Holdings Inc (PYPL.O) said on Tuesday it will now allow users to transfer cryptocurrencies including bitcoin to external wallets, nearly two years after the fintech giant opened up its platform to digital currencies.

Bitcoin Drops as Much as 17%, Falling Below $23,000 as $200 Billion Wiped Off Crypto Market Over the Weekend

• Macro factors are contributing to the bearishness in the crypto markets, with rampant inflation continuing and the Federal Reserve expected to hike interest rates this week to control rising prices.

Coinbase Launches First Crypto Derivatives Product Aimed at Retail Traders

• Coinbase Derivatives Exchange hopes to capitalize on a market that is $3 trillion in volume worldwide and provide hedging options for traders.

July

Crypto Lender Celsius Files for Bankruptcy

• New Jersey-based Celsius listed estimated assets and liabilities on a consolidated basis in the range of $1 billion to $10 billion, according to a court filing in the US Bankruptcy Court for the Southern District of New York.

Voyager Seeks Bankruptcy as Crypto Mogul’s Lifeline Fails

• Crypto broker Voyager Digital Ltd. filed for Chapter 11 bankruptcy protection just weeks after getting a lifeline from billionaire Sam Bankman-Fried’s Alameda Research, citing market volatility and the collapse of a hedge fund it had lent money to.

Three Charged In First Ever Cryptocurrency Insider Trading Tipping Scheme

• A former Coinbase employee allegedly tipped his brother and friend regarding crypto assets that were going to be listed on Coinbase exchanges.

August

U.S. Treasury Sanctions Notorious Virtual Currency Mixer Tornado Cash

• The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned virtual currency mixer Tornado Cash, which has been used to launder more than $7 billion worth of virtual currency since its creation in 2019.

Robinhood’s Crypto Division Fined $30 Million by New York Financial Regulator

• NYDFS alleged that Robinhood Crypto’s anti-money laundering and cybersecurity program was inadequately staffed and did not have sufficient resources to address risks.

CFTC Would Become Primary Crypto Regulator Under New Senate Committee Plan

• The bill would create a definition of “digital commodity.”

Crypto Exchange Coinbase Reports $1.1B Loss

• Coinbase suffers a net loss of $1.094 billion in the second quarter, a year after reporting a profit of $1.6 billion in the same quarter.

September

The Ethereum Merge Is Done, Opening a New Era for the Second-Biggest Blockchain

• The historic upgrade casts aside the miners who had previously driven the blockchain, with promises of massive environmental benefits.

South Korea Issues Arrest Warrant for Developer of Failed Cryptocurrency Luna

• A South Korean court has issued an arrest warrant for Do Kwon, the primary developer of cryptocurrencies Luna and TerraUSD, whose spectacular collapse in May roiled crypto markets around the world.

Biden White House Just Put Out a Framework on Regulating Crypto — Here’s What’s in It

• The framework outlines the ways in which the financial services industry should evolve to make borderless transactions easier, as well as how to crack down on fraud in the digital asset space.

October

Plaid Launches Wallet Onboard, Integrating Over 300 Wallets Such As MetaMask, Coinbase, Ledger Wallet Onboard

• Plaid’s new crypto wallet interface will enable Web3 builders to easily access over 300 wallets, including MetaMask, Ledger, Coinbase Wallet, and Trust Wallet.

South Africa Defines Crypto as Financial Product

• The Financial Sector Conduct Authority (FSCA) issued its general notice, defining crypto as financial instruments under the country’s financial services act, which brings the asset class in line with other regulated financial products. Its definition widens the possibility for greater adoption of crypto in South Africa, which had already allowed citizens to freely hold and trade them.

Lawmakers Overwhelmingly Back EU’s MiCA Crypto Law in Committee Vote

• The landslide support paves the way for the landmark crypto licensing regulation to take effect in 2024. The Markets in Crypto Assets regulation (MiCA) lets providers of wallets and other crypto services market themselves across the bloc, if they register with national authorities and meet minimum guarantees intended to protect investors and maintain stability.

November

Sam Bankman-Fried Steps Down as FTX CEO as His Crypto Exchange Files for Bankruptcy

• In the 23-page bankruptcy filing obtained by CNBC, FTX indicates that it has more than 100,000 creditors, assets in the range of $10 billion to $50 billion, as well as liabilities in the range of $10 billion to $50 billion. Bankman-Fried also indicated that he wishes to appoint Stephen Neal as the firm’s new chairman of the board.

Binance Walks Away From Deal to Acquire FTX

• A spokesperson for the crypto exchange said FTX’s issues “are beyond our control or ability to help.”

OpenSea Pledges to Enforce NFT Royalties After Creator Backlash

• OpenSea announced a royalties enforcement system for newly created NFT projects that are built around a blacklist that blocks listed marketplaces from handling those transactions. The method targets marketplaces that do not fully enforce royalty fees, which are among OpenSea’s most prominent rivals — a move that some have called anti-competitive.

JPMorgan Executes Its First DeFi Trade Using Public Blockchain

• The banking giant uses Polygon and modified Aave for live trade.

December

FTX Founder Sam Bankman-Fried Agrees to be Extradited to the US

• FTX founder Sam Bankman-Fried agreed to be extradited to the United States, where federal prosecutors have indicted him on eight counts of fraud and conspiracy.

Binance Withdrawals Surge as Concerns About Its Reserve Report Spook Traders

• Binance’s net outflow has surpassed those of all other centralized exchanges’ in the last 24 hours, and is almost nine times larger than the second-largest outflow.

Starbucks Opens Up Its Web3 Loyalty Program and NFT Community to First Beta Testers

• The new initiative, which includes coffee-themed NFTs that translate to real-world experiences, is an extension of Starbucks’ existing loyalty program, Starbucks Rewards, but leverages web3 technology like the Polygon blockchain and NFTs.

iPod Creator Tony Fadell Designed a $279 Credit Card-Sized Device for Storing Your Crypto

• French startup Ledger debuted its new hardware crypto wallet, the Ledger Stax, on Tuesday. It resembles a smartphone but is roughly the same size as a credit card and, at about 45 grams, weighs less than an iPhone.