Weekly Digest: US Aims at Exchanges to Fight Russia, Fed Calls for Crypto Regulation

What happened to crypto market this week

The US authorities have asked crypto exchanges to help prevent the use of digital currencies to circumvent sanctions imposed on Russian individuals and organizations. According to reports, the White House National Security Council and the US Department of the Treasury have asked operators of the world's largest crypto platforms to stop any attempts to circumvent restrictions imposed by the US and its partners following the Russian military operations in Ukraine.

Federal Reserve Chairman, Jerome Powell, testifying before the House Financial Services Committee said that the US authorities should pay more attention to cryptocurrency regulations. Powell particularly noted that recent events in Ukraine emphasize a need to prevent sanctioned individuals and companies from using cryptocurrency to fight sanctions pressure.

The US Securities and Exchange Commission (SEC) has set its eyes on the market for non-fungible tokens (NFTs) in order to find out whether illegal activities involving unregistered securities are taking place. The regulator reportedly wants to find out whether some NFTs can be considered securities.

E-commerce giant eBay might be considering adding support for payments in cryptocurrencies as the company wants to become the main platform that appeals to Gen Z. In an interview with TheStreet, eBay CEO, Jamie Iannone, said that the company is now managing $85 billion of volume, adding that this position gives eBay the ability "to open up new forms of payment."