Congressional Research Service: Legislation can clarify banks' cryptocurrency business permissions

Bitcoin News posted on platform X stating that the Congressional Research Service pointed out in a new report that since 2017, with changes in presidential administrations, federal regulators have repeatedly changed their stance on whether banks can engage in cryptocurrency activities.

The report states that Congress could clarify through legislation to explicitly allow or restrict specific activities to reduce the frequent adjustments in regulatory positions. The report mentions the CLARITY Act: the version passed by the House of Representatives would allow banks to use digital assets or blockchain for activities already permitted by current law; the version reported by the Senate committee would explicitly allow 11 types of cryptocurrency activities, including allowing banks to underwrite and trade digital assets more broadly.