According to CoinDesk, JPMorgan said in a research report that U.S. cryptocurrency regulation appears to be moving toward opposition to the launch of central bank digital currencies (CBDC), opposition to local banks embracing cryptocurrencies, and opposition to non-compliant stablecoins. direction of development.
Recent regulatory actions in the United States
JPMorgan noted that the United States has stepped up regulatory initiatives in recent months, raising questions about the direction of cryptocurrency regulation ahead of the presidential election. The report points out that recent regulatory actions appear to be:
Opposition to Central Bank Digital Currency (CBDC)
Opposition to U.S. banks’ involvement in cryptocurrencies
Oppose non-compliant stablecoins such as Tether
Opposition to blanket classification of all tokens other than Bitcoin (BTC) and Ethereum (ETH) as securities
Only the relevant bill, the Payment Stablecoin Clarity Act, has a higher chance of passing
JPMorgan believes the Payment Stablecoin Clarity Act has a higher chance of being approved before the November election. The bill would support U.S.-compliant stablecoins but threaten the dominance of non-compliant stablecoins like Tether.
(Could the stable currency bill affect Tether’s status? S&P Ratings: Banks will be the biggest winners)
The Financial Innovation and Technology for the 21st Century (FIT21) Act, passed by the House of Representatives last month, still requires Senate and presidential approval. JPMorgan said that was unlikely to happen before the election.
(The crypto market bill FIT21 successfully passed the House of Representatives, with support and opposition rising. What’s the next step?)
While Congress passed a resolution to overturn SAB 121 accounting rules that make it more difficult for banks to custody crypto assets, the resolution has been vetoed by President Joe Biden.
(Biden uses the presidential veto! Prevent Congress from expanding its power to intervene SEC: Adhering to SAB 121 accounting principles can protect investors)
In addition, the Central Bank Digital Currency Anti-Surveillance State Act aims to prevent the United States from issuing central bank digital currency (CBDC) and prevent the Federal Reserve from providing certain products to consumers and using central bank digital currency to implement monetary policy. The House of Representatives passed a bill last month that would ban the Fed from issuing a CBDC, but its prospects in the Senate are unclear.
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