U.S. Congress Can Legislate to Clarify Banks' Crypto Business Permissions

The Congressional Research Service pointed out in a new report that since 2017, federal regulators have repeatedly changed their stance on whether banks can engage in cryptocurrency activities. The report suggests that Congress should pass legislation to clearly allow or restrict specific activities to reduce the frequent adjustments in regulatory positions. The report mentions the CLARITY Act, with the version passed by the House allowing banks to use digital assets or blockchain for activities already permitted by current law; the Senate committee report version would explicitly allow 11 types of crypto activities, including enabling banks to underwrite and trade digital assets more broadly.

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