The FDIC and the Federal Reserve Board issued a joint letter to a digital asset custodian stating that the firm has been making "false and misleading" statements that customers who have opened accounts benefit from FDIC insurance.

The Federal Reserve Board set an August 29, 2022 deadline for comments on proposed rules to establish benchmark replacements for contracts that reference certain tenors of U.S. dollar LIBOR.

House Financial Services Committee Chair Maxine Waters (D-CA) reported that negotiations on bipartisan stablecoin legislation will continue throughout the Congressional recess in August.

SEC Chair Gary Gensler urged the Public Company Accounting Oversight Board to update its auditor independence standards and stated that the SEC "may need to take a fresh look at the SEC’s auditor independence rules as well."

Three broker-dealers settled separate SEC charges for failing to implement an adequate supervisory system designed to prevent identity theft for covered accounts.