The Congressional Research Service summarized the proposed Clarity for Payment Stablecoins Act and an implementing regulatory framework.
News & Insights
The Congressional Research Service reviewed the proposed "Financial Innovation and Technology for the 21st Century Act," a bill that would create significant changes to the way digital assets are regulated.
In a white paper, the non-profit organization Digital Dollar Project concluded that a central bank digital currency, "rather than displacing the service offerings of established financial institutions providing cross-border remittance services . . . present[s] an opportunity to modernize operational processes and expand financial access."
In an amicus brief filed in SEC v. Coinbase, Inc., legal scholars argued that the sale of digital assets would generally not be considered an "investment contract" as that term was understood by the drafters of the Securities Act and Securities Exchange Act, and should not be considered an investment contract under the "Howey" opinion.
GAO urged the FDIC, the OCC and the SEC to implement fully previous recommendations on blockchain technology-related risks and take joint action to coordinate related information and processes.