CLARITY Act may allow U.S. banks to conduct 11 cryptocurrency businesses

国会研究服务处：参议院版CLARITY法案将允许银行开展11类加密资产活动

美国国会研究服务处（CRS）于9月30日发布了题为《加密资产与银行许可业务》的分析报告，探讨了竞争性的H.R. 3633号法案版本将如何改变银行开展数字资产业务的权限。该机构指出，根据参议院报告的文本，共有11类加密资产活动将成为美国银行组织和信用合作社的许可业务范围。

超越传统证券市场的权限范围

报告指出，拟议的承销权限超出了银行在可比传统证券市场中的现有 authority。目前，银行仅能在有限的证券类别中进行承销和交易，包括由联邦政府、州政府或其代理机构发行的工具。参议院版本的法案将打破现有区分，不再保留“受保存款保险银行”内部活动与非银行子公司活动之间的界限，而是使所有类型的银行组织和信用合作社均可开展列出的加密资产活动。

相比之下，众议院通过的版本规定，银行可利用数字资产或区块链技术执行法律已许可的活动。众议院文本还授权金融控股公司在非银行子公司中提供某些加密资产服务，而非在受保存款的银行子公司中提供。此外，参议院版本未将属于“银行业务”的活动与被视为“性质上属于金融”的活动进行分离处理。

Legislative process stalled and stablecoin reward controversy

Although Senator Cynthia Loomis has claimed that the legislation would allow Bank of America to directly buy and hold Bitcoin, driving prices up significantly, this prediction relies on legislation becoming law a prerequisite. On September 15, the Senate voted 49 - 50 to reject advancing H.R. The cloture (motion to close debate) of Bill 3633 caused the bill to fail to meet the 60-vote threshold needed to open debate. Subsequent reports pointed out that this was not the final vote on the bill itself. Seven Democratic senators who opposed advancing the measure later said the outcome was "not the end" and they remained committed to negotiations.

Before the Senate suffered a procedural setback, eight banking associations had asked lawmakers to amend provisions on paying incentives to holders of stablecoins. The associations believe that payments similar to deposit interest could encourage customers to withdraw money from banks, causing deposits to drain and weakening banks 'ability to provide credit to households, farmers and businesses. They emphasize: "Deposits are the foundation of the banking system."

The association's objections mainly focus on Section 10404. They asked for a change in the wording because the current wording could be interpreted to allow rewards to be calculated based on a customer's stablecoin balance, even if the provider attached other conditions. The revised Republican proposal gives the Treasury secretary the power to limit certain rewards if stablecoins cause large deposit outflows from community banks. The Banking Association argues that lawmakers should prevent such interest-like incentives through a statute rather than relying on ex post intervention after deposits flow out.

The Federal Reserve continues to advance stablecoin regulation under the GENIUS Act

Despite stalled market structure legislation, the Federal Reserve continues to implement the already passed GENIUS Act, which established a federal framework for payment stablecoins. An announcement on September 24 showed that the Federal Reserve's first proposal would require regulated issuers to fully support outstanding stablecoins with allowed assets, including short-term treasury bonds and other specified liquid assets. The draft also covers capital requirements, risk management and reserve asset custody companies.

The Federal Reserve's second proposal would establish an application process for regulated banks seeking permission to issue payment stablecoins. Applicants are required to submit business plans, financial information and other documents, and the process includes hearings, appeals and final decisions. According to previous reports, state member banks with insured deposits will apply for token issuance licenses through their subsidiaries. According to the draft application, banks should submit applications to the corresponding Federal Reserve Bank rather than having their proposed subsidiaries apply separately.

The Federal Reserve will notify applicants within 30 days whether their submissions are substantially complete. Once the materials are complete, the application will enter the 120-day decision-making period stipulated in the GENIUS Act. The Treasury Department has set January 18, 2027 as the expected effective date for the law's major issuer restrictions, but it can also be activated earlier 120 days after the responsible federal regulator issues final implementing rules.

Anti-money laundering obligations remain in effect

For regulated U.S. crypto companies, the Senate's failed vote does not exempt them from customer identification, sanctions screening, or suspicious activity reporting obligations. Fernando Castellanos, global head of digital assets and custodian banking at Prove, pointed out that the CLARITY bill mainly addresses market structure issues and will not replace existing obligations under the Bank Secrecy Act.

Castellanos said companies must continue to check beneficial ownership, monitor transactions and submit reports when activities meet reporting standards. He also pointed out that faster settlements and irreversible payments give companies less time to detect suspected fraud or illegal transfers. When evaluating crypto companies, custodian banks review customer verification, wallet screening, sanctions controls and transaction monitoring throughout the customer relationship. Banks also seek evidence that these controls work effectively in practice, rather than relying solely on written policies.

In addition, for credit unions considering issuing stablecoins, the American Alliance of Credit Unions pointed out another constraint in another report: the treatment of reserves under the investment limit of credit unions serving institutions. The association has asked the National Credit Cooperative Administration to clarify that reserves pledged by owner credit unions should not be counted into the applicable 1% total investment cap.