JPMorgan, the largest bank in the world, recently released a report on the popular stablecoin Tether (USDT). The report highlights the shifting landscape of US crypto regulations, with a focus on the potential launch of a central bank digital currency (CBDC) and a critical stance on non-compliant stablecoins like Tether.
According to the report, regulatory efforts in the US have been on the rise, sparking uncertainties about the future of crypto regulation leading up to the upcoming presidential elections. Analysts at JPMorgan, including Nikolaos Panigirtzoglou, emphasized their opposition to a Fed-backed coin, US banks engaging in crypto activities, non-compliant stablecoins like Tether, and the classification of tokens other than Bitcoin and Ethereum as securities.
The Financial Innovation and Technology for the 21st Century Act (FIT21) recently passed by the House of Representatives faces further approval from the Senate and the President. JPMorgan also highlighted a resolution that aimed to ease restrictions on banks holding crypto assets, which was vetoed by President Joe Biden.
Additionally, the report discussed the Central Bank Digital Currency (CBDC) Anti-Surveillance Act, a bill designed to block a potential US CBDC and limit the use of digital currencies by Fed banks for monetary policy. While the bill banning the issuance of a CBDC by the FED was approved by the House of Representatives, its fate in the Senate remains uncertain.
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