Good Tuesday and welcome to On The Money, your nightly guide to everything to do with your bills, bank account and bottom line. Subscribe here: thehill.com/newsletter-signup.

The big deal today: Lawmakers and federal agencies are focusing on how to regulate the cryptocurrency industry. We’ll also look at rising home prices and Congress’s increased interest in strengthening cybersecurity.

For The Hill, I’m Naomi Jagoda. Email me at [email protected] or @NJagoda. You can reach my colleagues on the Sylvan Lane Finance team at [email protected] or @SylvanLane and Aris Folley at [email protected] or @ArisFolley.

Let’s go.

Washington works to expand crypto oversight

The cryptocurrency explosion forced Washington to adapt federal financial rules to a growing and rapidly changing industry.

Americans have invested billions of dollars in cryptocurrencies and a wide range of blockchain-based financial platforms over the past year as the pandemic unleashes an investment boom.

While the crypto market has grown steadily over the past decade, a resurgence of interest in the space and the rapid rise of decentralized financial networks have attracted new attention from regulators and legislators:

  • The Securities and Exchange Commission, Commodity Futures Trading Commission (CFTC), Department of the Treasury, and state money transfer licensors all share overlapping jurisdictions over parts of the crypto industry, this which often leaves companies uncertain of their regulatory obligations.

  • The SEC and CFTC have primarily focused on crypto firms and offerings that clearly violate general investor protection and anti-fraud laws.

  • Democratic lawmakers and regulators on both sides have also expressed particular concerns about “stablecoins,” tokens tied to cash or other more secure assets held by the coin’s issuer.

Learn more about Sylvan here.

LEAD THE DAY

US home prices up 18.4% in October

Home prices in the United States were up 18.4% year-on-year in October, according to data from the S&P Dow Jones CoreLogic Case-Shiller 20-City Composite Home Price NSA, released Tuesday.

This growth in home prices marked a slight decline from the 19.1 percent increase reported in September.

  • Phoenix, Tampa and Miami recorded the largest year-over-year increase in October among the 20 cities included in the index, with all three cities registering growth of more than 25%.

  • Chicago, Washington, DC and Minneapolis saw the smallest year-over-year change of the cities on the list, with increases of just 11-12%.

To learn more about The Hill’s Joseph Choi, click here.

CYBER IN THE SPOTLIGHT

Congress addresses cybersecurity after record year of attacks

The past 12 months have been a banner year in terms of the severity of cyber attacks that have wreaked havoc on organizations large and small.

But in the wake of the chaos, a ray of hope has arisen around a never-before-seen level of bipartisan support and genuine interest on Capitol Hill in strengthening the country’s cybersecurity.

“Everyone was aware of cybersecurity threats, from ransomware attacks to other types of cyber intrusions that have taken place,” said the representative. Jim langevinJames (Jim) R. Langevin Federal agencies ordered to fix hundreds of vulnerabilities Lawmakers praise upcoming federal state cyber bureau First responders deserve our promised retirement MORE (DR.I.), chair of the House Armed Services cybersecurity subcommittee, told The Hill earlier this month. “We have more awareness now, more members are paying attention than ever.

Learn more about The Hill’s Maggie Miller here.

Good to know

The Professional Golfers’ Association of America and the Trump Organization announced on Tuesday that they had reached agreement on the golf group’s decision to withdraw a major tournament from Trump’s golf course in Bedminster, NJ, following the January 6 attack on the Capitol.

Here’s what else we have on our minds:

That’s all for today. Thanks for reading and check out The Hill’s Finances page for the latest news and coverage. Well see you tomorrow.