Commentary by Steven Lofchie
House Financial Services Committee members Mike Flood (R-NE), Ritchie Torres (D-NY), French Hill (R-AR) and Wiley Nickel (D-NC) introduced the Uniform Treatment of Custodial Assets Act. The proposed legislation would prohibit financial institutions from including crypto assets held in their custody as a liability on their balance sheet.
House Financial Services Subcommittee Chair Blaine Luetkemeyer (R-MO) requested information from the SEC and FINRA on their efforts to address "serious" national security issues raised by broker-dealers that have ownership connections to the Chinese Communist Party.
The Congressional Research Service summarized the proposed Clarity for Payment Stablecoins Act and an implementing regulatory framework.
The New York Department of Financial Services updated guidance for Greenlisted coins (coins that are approved for either trading or custody by the Department) and proposed new guidance on listing and delisting virtual currency for entities engaged in virtual businesses.
Nine additional Senators joined a bipartisan coalition in support of the proposed "Digital Asset Anti-Money Laundering Act."