US regulators don't want CBDCs, according to JPMorgan report
According to JPMorgan, US crypto regulations are moving in a direction that opposes the creation of a central bank digital currency (CBDC), local bank involvement in cryptocurrencies, and non-compliant stablecoins.
The bank hard , that regulatory measures in the US have intensified, raising concerns about the future of cryptocurrency regulation ahead of the presidential election.
Analysts led by Nikolaos Panigirtsoglu reported that these measures appear to oppose the Fed's coin, banks' crypto activities, non-compliant stablecoins such as Tether ( USDT ) and the classification of all tokens except Bitcoin ( BTC ) and Ethereum ( ETH ) as securities.
The Payment Stablecoin Clarity Act is considered more likely to pass before the election than three other proposals. If passed, it would support US-compliant stablecoins, but challenge non-compliant ones like Tether.
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Binance imposes restrictions on stablecoins in EuropeThe Financial Innovation and Technology for the 21st Century (FIT21) Act, passed by the House of Representatives, still requires Senate and presidential approval, which is unlikely before the election.
JPMorgan also noted that President Biden is imposed veto a resolution repealing accounting rule SAB 121, which complicates the custody of cryptoassets for banks.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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