Regulatory whiplash may persist unless Congress legislates to clarify banks' crypto business authority

Odaily reports: Bitcoin News posted on X that the U.S. Congressional Research Service noted in a new report that since 2017, as presidential administrations have changed, federal regulators have repeatedly shifted their positions on whether banks can engage in crypto business.

The report states that Congress could clarify through legislation which specific activities are permitted or restricted, in order to reduce the repeated shifts in regulatory positions. The report mentions the CLARITY Act: the version passed by the House would allow banks to use digital assets or blockchain for activities already permitted under existing law; the version reported by the Senate committee would explicitly permit 11 categories of crypto activities, including allowing banks to underwrite and trade digital assets more broadly.