The US Congress on the Threshold of Crypto Changes: Banking Reporting in the Focus of New Amendments

Amendments to the US legislation on cryptocurrencies

The issue of amending legislation related to crypto assets is coming to the forefront of financial regulation in the United States. A new stage in the discussion of legislation involves easing regulatory requirements for banks in the digital asset sector. A group of American parliamentarians, including Senators Wiley Nickel and Cynthia Lummis, as well as a member of the House of Representatives Mike Flood, proposed to exclude from the legislation a provision aimed at tightening banks' accounting statements to the Securities and Exchange Commission (SEC).

This proposal aims to repeal the SEC rule requiring credit and financial institutions to reflect their customers' digital assets on the balance sheet, as well as include them in reserve funds. There is an opinion that such accounting practices complicate the development of the cryptocurrency market and the proper functioning of custodial services. Perianne Boring, CEO of the Chamber of Digital Commerce, noted that SEC regulations hinder the growth of trust in regulated companies providing cryptocurrency services to American citizens.

On the other hand, Senator Elizabeth Warren, known for her critical stance towards the cryptocurrency industry, called for support for a bill against the illegal use of digital assets. The essence of her initiative is to control and minimize the risks associated with the criminal side of the cryptocurrency sphere.

This wave of legislative initiatives indicates the desire of a number of legislators to contribute to the evolution of the cryptocurrency space, while at the same time there is a need for a balanced approach to regulation that would ensure both the protection of user interests and the maintenance of the legal framework and financial stability. The upcoming discussion of the Congress will take into account many factors at the intersection of these interests.