U.S. Crypto Regulations Are Moving Against a CBDC and Non-Compliant Stablecoins Like Tether: JPMorgan
Summary
U.S. crypto regulations are moving against a central bank digital currency, local banks engaging with crypto, and non-compliant stablecoins. Regulatory initiatives are intensifying, raising uncertainty ahead of the presidential election. The Clarity for Payment Stablecoins Act has a higher chance of approval before the election, potentially impacting the dominance of non-compliant stablecoins like tether. The FIT21 Act, passed by the House, awaits Senate and presidential approval. A resolution overturning the SAB 121 accounting rule was vetoed by President Biden. The CBDC Anti-Surveillance State Act aims to block a U.S. CBDC and restrict Federal Reserve banks from certain activities. Its prospects in the Senate are uncertain.
