The report covers:

• The digital asset ecosystem
• Digital asset market structure
• Banking and digital assets
• Stablecoins and payments
• Countering illicit finance
• Taxation

See also Fact sheet: The President’s Working Group on Digital Asset Markets Releases Recommendations to Strengthen American Leadership in Digital Financial Technology.

With the approval orders, "bitcoin and ether ETPs, consistent with other commodity-based ETPs approved by the Commission, will be permitted to create and redeem shares on an in-kind basis."

The Commission also voted to approve other orders that "advance a merit-neutral approach to crypto-based products, including exchange applications seeking to list and trade an ETP that would hold mixed spot bitcoin and spot ether, options on certain spot bitcoin ETPs, Flexible Exchange (FLEX) options on shares of certain BTC-based ETPs, and an increase of position limits up to the generic limits for options (up to 250,000 contracts) for listed options on certain BTC ETPs." 

Additionally, the Commission issued two scheduling orders soliciting comments in support of, or in opposition to, the Division of Trading and Market’s approval, pursuant to delegated authority, of a national securities exchange’s proposals to list and trade two large cap crypto-based ETPs.

U.S. SEC Commissioner Mark T. Uyeda issued a statement on the Commission's approval.

Chairman Atkins said the GENIUS Act "provides necessary guidance for a crucial element of the emerging cryptoasset ecosystem. Clear payment stablecoin regulation allows companies and individuals to transact in ways that boost efficiency and lower costs. Payment stablecoins will play a significant role in the securities industry moving forward, which is why I have asked SEC staff to consider whether guidance, rulemaking, or other steps may be helpful to accommodate SEC registrants utilizing payment stablecoins, including for settlement and margining."

The statement highlights for banks potential risk-management considerations related to holding cryptoassets on their customers' behalf, or cryptoasset safekeeping.

The joint statement discusses existing risk-management principles that apply to cryptoasset safekeeping and reminds banks that provide or are considering providing safekeeping of such assets that they must do so "in a safe and sound manner and in compliance with applicable laws and regulations."

The statement does not create any new supervisory expectations. 

According to the complaint, law enforcement used blockchain analysis and other investigative techniques to determine that the cryptocurrency is connected to the theft and laundering of funds from victims of cryptocurrency investment fraud schemes, commonly referred to as 'cryptocurrency confidence scams.'

The complaint alleges that the cryptocurrency addresses which held the $225.3 million in cryptocurrency were part of a sophisticated blockchain-based money laundering network that executed hundreds of thousands of transactions and was used to disperse proceeds of cryptocurrency investment fraud across many cryptocurrency addresses and accounts on the blockchain to conceal the source of the illegally obtained funds.

See also: Head of the Criminal Division, Matthew R. Galeotti, delivers remarks in cryptocurrency investment fraud forfeiture announcement