U.S. crypto rules appear to be evolving in a path that opposes the creation of a central bank digital currency, is against local banks embracing crypto, and is opposed to non-compliant stablecoins, according to JPMorgan.
The bank says that regulatory measures have increased in the United States in recent months, creating concerns about the path of cryptocurrency regulation ahead of the presidential election later this year.
Analysts led by Nikolaos Panigirtzoglou reported that new regulatory measures appear to oppose a Fed coin, U.S. banks’ crypto involvement, non-compliant stablecoins like Tether (USDT), and classifying all tokens outside Bitcoin (BTC) and Ether (ETH) as securities.
The Clarity for Payment Stablecoins Act is more likely to be enacted before the November election than three other ideas, according to the analysis. If passed, the bill will help US-compliant stablecoins but risk the supremacy of non-compliant stablecoins like tether.
The Financial Innovation and Technology for the 21st Century Act (FIT21), enacted by the House last month, still needs Senate and presidential approval, which is doubtful before the election, according to the bank.
JPMorgan adds that Congress passed a resolution repealing the SAB 121 accounting rule, which made it more difficult for banks to store cryptocurrency assets, but President Joe Biden vetoed the resolution.
The Central Bank Digital Currency (CBDC) Anti-Surveillance State Act seeks to halt a U.S. CBDC, preventing the Federal Reserve from using particular consumer items and monetary policy. The House passed a bill prohibiting the Federal Reserve from issuing CBDCs last month, but its chances in the Senate are uncertain.
Also Read: JPMorgan Sees Lower Demand for ETH ETFs Compared to BTC
Credit: Source link
