Regulation
US crypto regulations oppose CBDCs and stablecoins: JPMorgan
US crypto rules appear to be moving in a direction that opposes the creation of a central bank digital currency, opposes local banks adopting crypto, and opposes non-compliant stablecoins, according to JPMorgan .
The bank says regulatory measures have increased in the United States in recent months, raising concerns about evolving cryptocurrency regulations in the run-up to the presidential election later this year.
Analysts led by Nikolaos Panigirtzoglou reported that new regulatory measures appear to oppose a Fed coin, the involvement of US banks in crypto, non-compliant stablecoins like Tether (USDT) and the classification of all tokens besides Bitcoin (BTC) and Ether (ETH) as securities.
According to the analysis, the Stablecoin Payment Clarity Act is more likely to be enacted before the November election than three other ideas. If passed, the bill will help compliant stablecoins in the United States, but risk the supremacy of non-compliant stablecoins like Tether.
The Financial Innovation and Technology for the 21st Century (FIT21) Act, passed by the House last month, still needs approval from the Senate and the president, which is doubtful before the election, according to the bank .
JPMorgan adds that Congress passed a resolution repealing accounting rule SAB 121, which made it harder for banks to store cryptocurrency assets, but President Joe Biden vetoed The resolution.
The central bank digital currency (CBDC) anti-surveillance state law aims to put an end to a US CBDC, preventing the Federal Reserve from using particular consumer goods and monetary policy. THE House passed bill banning the Federal Reserve from issuing CBDCs last month, but its chances in the Senate are uncertain.
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